Bank of Georgia (BOG) has signed for the T24 core banking system from Swiss vendor Temenos in a bid to consolidate operations on a single platform.Temenos says T24 Model Bank for Universal Banking will help BOG centralise its IT operations across Georgia, Belarus and Ukraine as well as improve operational efficiency and customer service.
The bank says it will use T24 to make a wide range of improvements across its treasury, corporate and retail banking and wealth management business divisions.
Temenos claims the straight-through processing incorporated in T24 will automate a variety of processes, including Nostro reconciliation, whilst eliminating data entry for BOG's wealth management CRM system. Meanwhile, T24's open architecture provides the bank with the freedom to implement the system on a hardware platform that best matches its strategic technical preferences.
Irakli Gilauri, CEO, Bank of Georgia, says: "The pre-configured nature of T24 Model Bank will dramatically reduce the level of coding in configuring new products, generating an estimated 60% reduction in time to market. Furthermore, we have estimated that the single customer view delivered through T24 will generate approximately 20% increase in call rate per call centre employee, giving a faster, more efficient service."
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