Bank of Baroda Uganda Ltd one of the top five banks in that country, has chosen to replace their existing software with Neptune's Equinox.
The reason for the decision was to enhance their market position, and also because they require a vendor capable of adequately supporting their operations. Neptune is capable of providing ground support because of its proven strategy of local support hubs which currently caters to over 30 African banks.
Bank of Baroda (U) currently have 6 branches and is considered a market leader in Uganda. Over the next 12 months, they plan to use Equinox in order to expand their network into other regions of Uganda. In order to achieve this growth and ensure profitability, Bank of Baroda (U) plan to add value to customer interaction and will achieve this through innovation and improved client targeting initiatives. Equinox makes this easy by providing technology that will automate many processes currently done manually, and also by introducing several training sessions to key staff in order that they are capable of using the software features essential to their role.
Mr. Kamla Kant Shukla, Managing Director, Bank of Baroda (U) says that, "For the last 12 months, we have been undergoing a revolution which has seen the modernization of our offices, introduction of new products, and now the selection of new software to drive our business in the years to come. Our objectives for the future are ambitious and very aggressive, and we were looking for the right partner and system. We have chosen Neptune Software Plc, who has an excellent track record, as our core banking system provider. Using Equinox, our customers will soon be able to transact in any of our branches and benefit from our ATM network, which will expand to provide at least one ATM at each location."
On another note according to Mr. Shukla, "We have invested heavily in growth recently. For example, throughout the last 6 months we have completely renovated and modernized our entire operational facilities. This done, our next objective is to use Equinox to boost productivity and provide better services to match our facilities. We predict that our state of the art facilities will attract many new upmarket individuals and business as a result of the new image we are projecting. The way I look at the current situation is that our facilities will guarantee a great first impression. So we are counting on Equinox to enable us to live up to the elevated customer expectations."
According to Mr. Kuppuswamy, Bank of Baroda (U)'s IT manager, "Neptune proved to us that they have all the ingredients we were seeking and, given their local presence and excellent track record, they were the obvious choice for Bank of Baroda (U). Our customers are going to be the ultimate beneficiaries and will have the ability to transact in any of our branches as well as benefit from our 24x7 ATM network. We are definitely looking forward to rolling out new products and services including PC Banking for corporate clients, Internet as well as SMS Banking."
Neptune's Regional Director, Chibuzo Ene shared the Bank of Baroda (U)'s enthusiasm about the latest win and commented that, "Bank of Baroda (U) have certain unique requirements and Neptune will help them realize their ambitions. The reality is that African banks' expectations currently exceed even that of European banks. Banks in Africa face more challenges in terms of budgets, supporting infrastructure such as telecommunications, shifting market dynamics and real business issues including relationship and risk management. Most now know that they will only benefit from advanced technology if the right support processes are in place. These include continuous training and readily available expertise to enable banks to harness the vast capabilities offered by state of the art banking solutions such as Equinox. Bank of Baroda (U) is our fourth client in Uganda and third win in Uganda since December. A fitting testament to Neptune's strategy."