CfC Stanbic Bank Kenya Goes Live on T24 Model Bank
CfC Stanbic Bank Kenya, the fifth largest bank in Kenya and part of the Standard Bank Group, has gone live on Temenos 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. 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 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, while 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,” said Boniface Makumbi, director, chief operations officer (COO), CfC Stanbic.