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Like First Bank, Mainstreet Bank Migrates to Finacle 10 Platform(AllAfrica Via Acquire Media NewsEdge) Mainstreet Bank Limited, like First Bank, last week announced a successful migration of its banking software package to Finacle 10, the latest banking software solution. Festus Akanbi writes on the allure of the new software package and the seamless migration undertaken by MBL A fortnight ago, the management of First Bank Plc informed the banking public of a partial shutdown of operation to enable the bank migrate to Finacle 10, a core banking software package developed by Infosys, designed to address various retail banking requirements. The shutdown affected the bank's over 700 branches nationwide but the management of the bank insisted that the customers stand to gain from a regime of better efficiency which the new platform was bound to bring about. On the heels of that, the management of Mainstreet Bank Limited last week also announced a successful migration from its software T-24 to Finacle 10 software package. However, banking industry observers note that the good thing about the Mainstreet Bank migration is instead of disrupting banking transactions in any of its branches, the deployment of the new software package by the bank, which, according to the management, will enable faster and efficient customer service through improved service delivery across an integrated platform, was done in a seamless manner. Infosys which announced the launch of Finacle, version 10 in 2008, said it will enable banks to transform their multi-country operations through a standard platform and processes. A set of over 5000 parameters and an enhanced scripting studio will deliver rapid product innovation. The new version also brings with it a whole new set of offerings including Islamic banking, wealth management; and an enhanced mobile banking solution. Visits to some of the branches of Mainstreet Bank, especially in Lagos, last week showed uninterrupted banking activities, a feat, which industry analysts said deserved commendation, though it may be argued that First Bank was dealing with more customers because it has a larger customer base. Expectations Managing Director of the bank, Faith Tuedor-Matthews who explained the decision to leverage on Finacle core banking solution, said the banking software will improve service delivery on all customer touch points; enable the audit and control team to efficiently and effectively comply with regulatory and security requirements, adding that the new software will aid seamless integration and automation of treasury operations. She explained that Finacle will also simplify General Ledger reports and automate documentation; thereby reducing time taken for end of day operations by 80%. "With the deployment of Finacle core banking solution, the bank can meet the challenges of managing change, competition, compliance and customer demands effectively," she stated. Tuedor-Matthews explained that the new system will empower the group to derive optimal value from data at its disposal and meet a whole range of operational, business and strategic objectives, adding that the new system was part of the group's objectives of continuously seeking innovative ways that ensure it provides affordable services that offers more value to its loyal customers. Better Services The bank's chief executive listed other anticipated gains from the adoption of Finacle banking software to include, building trust arising from better services; customer loyalty' growth in bottom line and goodwill for the Mainstreet brand, among others. On what the customers of the bank stand to benefit, she believed the new banking solution will lead to improved services, results in world class banking experience at all Mainstreet Bank service touch points. It is also expected to produce more innovative products and services which she said will help customers comply with CBN's Cash lite Policy. On what to expect going forward, Tuedor-Matthews said Finacle guarantees high fidelity and consistency across reporting lines as well as playing a pivotal role in transforming key institutional data into measurable performance indicators. "The new Finacle system will enable us to identify the gaps in our products as well as allow us to quickly replicate and make amendments to the products as dictated by our customer needs. "The easy-to use system provides decision makers an anytime-anywhere unified view of the bank's structured operational data," she said. A specialist in banking solution, who spoke with our correspondent on the condition of anonymity, said Finacle banking solution, which has been adopted by about 14 banks in Nigeria, is popular because of its transaction integrity, adding that with it, there are no more data mismatches, no more general ledger difference and that regulatory reporting will be better done. Other benefits, according to him, include the fact that there won't be automated teller transaction challenges, better security provided by Oracle database and that system slowdown at 4pm during financial transaction authorization will be a thing of the past. However, Tuedor-Matthews described the migration as a win-win for the customers of the bank. For instance, she said apart from being user friendly, Finacle boasts of robust reporting infrastructure, gives customers ability to define products to suit their need, and it guarantees availability all round the clock. Bankers said Finacle's popularity is also helped by the fact that it is a proven technology not only in Nigeria but all over the world. It is also a very stable application with capacity for large transactions volume. A source from Mainstreet Bank explained that total cost of ownership for Finacle is sustainable and that it is the only banking application in the Nigerian market today that has consistently deploy without post implementation trauma. Apart from this, the increasing adoption of Finacle by Nigerian banks is said to have created a pool of local skills to support and enhance Finacle. In addition, vendor viability is assured as Infosys is a growing company. Experts pointed out that Finacle conforms to some of the highest standards in software development and quality such as the CoBiT level-5 certification. Mainstreet Bank was formed in August 2011 by taking over the assets and some of the liabilities of the now defunct Afribank Plc., whose commercial banking license was revoked. MBL was issued a commercial banking license on August 5, 2011. Repositioning MBL The management had embarked on a robust plan to reposition the bank although the Asset Management Corporation of Nigeria is still shopping for prospective investors for the bank. Some of the measures put in place by the management include staff-reorientation, recruitment of new hands, who have commenced training since the beginning of the year and branch modernisation, among others. The adoption of Finacle 10 banking software is therefore seen as a climax of the efforts of the management to make the bank competitive in the emerging banking landscape in Nigeria. Recently, the bank's management undertook to pay 100 per cent gratuity to former staff of the defunct Afribank Nigeria Plc. The agreement between the management of Mainstreet Bank, Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI), National Union of Banks, Insurance and other Financial Institutions Employees (NUBIFIE) and the Federal Ministry of Labour and Productivity was to see the staff of former Afribank Nigeria Plc who were in the employment of the defunct bank as at August 5, 2011 receiving 100 per cent of their gratuity, according to a statement from the management of the bank. The Purchase and Assumption Agreement that led to the emergence of Mainstreet Bank Limited did not move the staff gratuity liabilities of the defunct Afribank Nigeria Plc to Mainstreet Bank Limited. Therefore, Mainstreet Bank Limited was not legally obligated to pay the gratuity of the staff of the defunct Afribank. The management of Mainstreet Bank, however, said it decided to put human face to the whole bridge mechanism, which had seen National Deposit Insurance Corporation (NDIC) taken over the delinquent Afribank, following the revocation of its banking licence by the Central Bank of Nigeria (CBN). Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com). |