Kenya Commercial Bank selects Temenos T24 for banking systems overhaul
14 May 2007 | 4397 views | 0
Kenya Commercial Bank (KCB) is implementing Temenos's modular core banking platform, T24, to support its wealth management unit and retail, corporate and Islamic banking operations.
The bank will install T24 in 131 branches across Kenya, Tanzania and Sudan to support some 675,000 accounts.
The vendor says KCB selected T24 following an initial evaluation of 26 providers and a shortlist that included i-flex, Misys and Tata Consultancy Services (TCS). T24 will replace the TC3 core banking system from CMC, which the bank has used for over 10 years, along with a number of ancillary systems.
The Temenos platform will be installed using an Oracle database and the bank will also implement Arc, the vendor's front office software product for customer retention and cross-channel selling.
KCB will also deploy the T24 Model Bank, which includes pre-configured products and processes, in a bid to achieve a reduced implementation time of 12 months for its retail division.
Commenting on the move, Martin Oduor-Otieno, CEO, KCB, comments: "T24 will enable us to offer a faster, more effective service to our customers and deliver new technology-driven products such as Internet banking. It will also provide the technology to support our planned expansion into territories such as Uganda and Rwanda, helping us to grow customer accounts to over two million in the next five years."
Andreas Andreades, CEO, Temenos, says the vendor is establishing a regional office in Nairobi to support KCB and new clients in the region.
"Eastern and Central Africa is experiencing a resurgence of core banking replacement opportunities and our new office is also evidence of our commitment to this important market," he adds.