More NewsBank of Georgia to Reduce Product Delivery Time by 60% with T24

Bank of Georgia to Reduce Product Delivery Time by 60% with T24

The Bank of Georgia (BOG), which delivers retail, corporate and private banking services to more than 700,000 customers across 140 branches, has selected Temenos T24 to consolidate its operations. The deal, signed in September 2009, is in line with the bank’s objective of increasing technological enhancements to improve operational efficiency and customer service. Additionally, the system will enable BOG to capture cross-border synergies, as it aims to centralise its IT operations across Georgia, Belarus and Ukraine.

“I am delighted that the bank continues to exploit its strong capital and liquidity position, which has enabled us to invest in a leading core banking system. I strongly believe that the new system will improve our competitiveness and take our business to the next level, as the bank moves from a local platform to an internationally acclaimed system. We felt Temenos best met our complete spectrum of operational requirements. 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,” said Irakli Gilauri, chief executive officer (CEO) of BOG. “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. Accurate, holistic information will enable our staff to seize more cross selling opportunities and we anticipate approximately 30% improvement in telesales performance.”

With T24, BOG aims to make a wide range of improvements across its treasury, corporate and retail banking and wealth management business divisions, The high levels of straight through processing incorporated in T24 will automate a variety of processes, including nostro reconciliation, while eliminating data entry for BOG’s wealth management customer relationship management (CRM) system. This will lessen the need for resources and further drive down costs across all business areas, including cash management services for its corporate client base. T24’s open architecture will provide BOG with the freedom to implement the system on a hardware platform that best matches its strategic technical preferences.

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