Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announces that CfC Stanbic Bank Kenya, the fifth largest bank in Kenya and part of the Standard Bank Group Limited, Africa's largest banking group by market capitalisation, has gone live on Temenos T24 (T24) Model Bank.
The implementation forms part of the operational merger of CfC Bank Kenya and Stanbic Bank Kenya.
CfC Stanbic Bank offers a wide range of services including transactional banking, wealth management and lending and is now one of 17 Kenyan financial institutions currently running Temenos software.
Prior to the merger, CfC Bank Kenya ran different systems with Stanbic Bank Kenya using Bankmaster. It was recognised that running separate systems with fragmented processes would create challenges across service delivery, transaction integrity, financial consolidation, costs and operational risk and thus impact the success of the new business. The decision was made to partner with Temenos and consolidate the two businesses onto the T24 Model Bank platform.
"Following the merger it was imperative to bring the two operating environments onto a single platform. Not only will this enable us to better serve our customers by having an integrated view of our client base and product set, but by automating a vast amount of processes, more staff will be re-deployed to the front office, generating a back to front office ratio of 40:60. Process automation will also ensure faster transaction processing for our customers, whilst eliminating errors caused by manual intervention. Temenos was our preferred partner to take the new business forward; the Bankmaster system lends itself more to corporate banking and couldn't give us the flexibility we require on the retail banking side", commented Boniface Makumbi, Director, Chief Operations Officer, CfC Stanbic.
The bank's ambitious growth objectives were a strong driver behind its decision to implement T24 Model Bank, which provides a functionally rich, SOA architecture to deliver the flexibility and scalability required to progress the business on a single, cost efficient platform. A team of Temenos professional services staff implemented the platform, which runs on IBM servers with an Oracle database.
Andreas Andreades, CEO Temenos comments: "This successful implementation demonstrates our growing presence in the Kenyan market, where a number of the most successful banks run Temenos. We are delighted to be playing an integral role in helping CfC Stanbic deliver business growth. The Model Bank platform will enable the bank to offer a consolidated product offering across all its customers and give them more choice with greater efficiency. Temenos' high investment in R&D will ensure that the Model Bank platform will continue to meet the future needs of the bank's rapidly evolving business model".