Listed commercial bank, National Bank of Malawi (NBM) plc has upgraded its new core banking system which will go live on July 1, 2017.
NBM General Manager and Head of Operations Austin Musyani told a media breakfast in Blantyre Monday that the bank has spent ‘billions of Malawi kwacha’ on the new system and that customers will see improved service. Ok
“Since 20th September 2010 to date, National Bank of Malawi plc has been operating on a core banking system called T24 version 09 which we acquired from a company called Temenos. We have lived with it over 7 years.”
“As we all know, technology is changing everyday and every minute, hence National Bank of Malawi plc has to move with time as such, in 2016 the bank embarked on identifying a new core banking system called T24 version 15,” said Musyani.
He said T24 being one of the best core banking system in the world and having served the bank well, NBM plc decided to continue with it but with a better and newer version.
“Like any technological system, there are cases where you face some challenges and having gone through a learning process during the 7 years with T24 version 9, the bank decided to re-implement the highest version of T24, version 15,” emphasized Musyani.
“Currently, the system is at an advanced stage and is scheduled to go live on 1st and 2nd July 2017. Come 3rd July, the bank will be using T24 version 15,” added Musyani.
He said from 2016 to date, the bank has been preparing itself by installing new hardware systems and its interfaces, installing products into the system, training staff and testing the system in all fronts.
“Customers should expect improved customer experience in line with our Mission: To provide best financial services in Malawi distinguished by outstanding service, product innovation and sustained earnings growth for both customers and the Bank.”
“We are assuring that with the new system, our customers will have better customer experience in terms of efficiency through streamlined and improved processes,” said Musyani.
He said the new system will provide a platform for rolling out new exciting products and service innovations that will help the bank maintain its competitiveness and change the game in the banking arena.
“On Saturday 1st July, all service centres will be closed as we prepare for migration to new core banking system. The service centres will be opened on Monday, 3rd July 2017 as usual.”
Meanwhile, all self service channels such as banknet, MO626 ice, ATMS etc. will be available during the period of change over, according to Musyani.
“There will be no changes to customers account numbers,” said Musyani.
“NBM plc would like to assure all customers and the general public that the new core banking system will enhance their banking experience and improve product and service delivery in all its channels,” said Musyani.
Also speaking during the media breakfast, NBM plc Projects Manager Christopher Chilenga told journalists that the system has been tested both offshore and Malawi.
“All users of the system have been trained including and super-user training which took place in Mauritius. Consultants from HP, Oracle, MCBCS and other service will be on site to ensure smooth transition and will provide post implementation support for 3 months.”
“Interest on Savings and Current Accounts will be applied to accounts and all customers will get statements to mark this switchover,” said Chilenga.Follow and Subscribe Nyasa TV :