ATANDA-ADEBAYO-SHERIFF
1000717517
QUESTION 1&2
Qst1. The article stated that one of the challenges is “human face”, where customers still value personalized and responsive services from their bankers. How was this challenge being handled in the planning and evaluation?
Commercial Bank of Africa, (CBA) expects to improve its competitiveness through the new banking system in the following business areas: Service delivery through multiple channels encompassing traditional branches, ATM's, PRIME & ONLINE (credit and debit system), SMS banking, point of sale and electronic/internet banking channels. Also through Hubbing of IT operations as the bank expands in the country and the region and business information management and customer relationship management. The new system has strong functionalities that will assist the bank to meet much more rigorous regulatory requirements and compliance requirements that are likely to be introduced in the future in various areas such as better risk management, anti-money laundering and CBA selected TEMENOS T24 as the most appropriate system because it is the most technologically advanced banking system that closely matches CBA's core banking system requirements for today and the future.
QUESTION 2
Upgrading from current system to a system is not easy as it seems. Do you think the project team has thought of every possibility of risks in this project? Why do you think so?
With notable application of ICT within the banking sector is the development of produce and services such as:
Internet, Sms and telephone banking, , Electronic bill payment (transfers), Pos banking (Credit and Debit).
Those developments have enables banker to provide more diversified secure and convenient financial services. With ICT application and trends that includes more innovative and sophisticated products e.g ATM services, internet and mobile banking RTGs, etc.
Operation risk mitigation through development of business continuity plans (BCP’s,) which are focused in core banking solutions, banking, back-up systems, Disaster Recovery Sites (DRs) and enhanced security system.
The introduction or upgrading of new core banking system with robust architecture has adaptable to the rapidly changing technological environment e.g. CBA, KCB, SCB.
Commercial Bank of Africa (CBA) is upgrading its core banking system to cope with business growth The Sh323.4 million new core banking system from TEMENOS AG of Switzerland will replace the current iFlex Microbanker system that has been in use since 1995.
CBA becomes the second bank after Kenya Commercial Bank (KCB) to install the T24. CBA managing director Mr Isaac Awuondo said the new generation technology would help the bank face the challenges of a more competitive environment. For CBA the new system is expected to address issues of service delivery through multiple channels such as Automated Teller Machines (ATMs), point of sale, electronic and internet banking. The new system is expected to provide the flexibility and sophistication needed to support the enhanced banking services CBA has earmarked for customers.
The new system will be integrated to the existing framework hence minimizing the overall requirement for hardware investment thus cutting initial investment cost that is associated with upgrading such facilities.
Commercial Bank of Africa, (CBA) expects to improve its competitiveness through the new banking system in the following business areas: Service delivery through multiple channels encompassing traditional branches, ATM's, PRIME & ONLINE (credit and debit system), SMS banking, point of sale and electronic/internet banking channels. Also through Hubbing of IT operations as the bank expands in the country and the region and business information management and customer relationship management. The new system has strong functionalities that will assist the bank to meet much more rigorous regulatory requirements and compliance requirements that are likely to be introduced in the future in various areas such as better risk management, anti-money laundering and CBA selected TEMENOS T24 as the most appropriate system because it is the most technologically advanced banking system that closely matches CBA's core banking system requirements for today and the future.
QUESTION 2
Upgrading from current system to a system is not easy as it seems. Do you think the project team has thought of every possibility of risks in this project? Why do you think so?
With notable application of ICT within the banking sector is the development of produce and services such as:
Internet, Sms and telephone banking, , Electronic bill payment (transfers), Pos banking (Credit and Debit).
Those developments have enables banker to provide more diversified secure and convenient financial services. With ICT application and trends that includes more innovative and sophisticated products e.g ATM services, internet and mobile banking RTGs, etc.
Operation risk mitigation through development of business continuity plans (BCP’s,) which are focused in core banking solutions, banking, back-up systems, Disaster Recovery Sites (DRs) and enhanced security system.
The introduction or upgrading of new core banking system with robust architecture has adaptable to the rapidly changing technological environment e.g. CBA, KCB, SCB.
Commercial Bank of Africa (CBA) is upgrading its core banking system to cope with business growth The Sh323.4 million new core banking system from TEMENOS AG of Switzerland will replace the current iFlex Microbanker system that has been in use since 1995.
CBA becomes the second bank after Kenya Commercial Bank (KCB) to install the T24. CBA managing director Mr Isaac Awuondo said the new generation technology would help the bank face the challenges of a more competitive environment. For CBA the new system is expected to address issues of service delivery through multiple channels such as Automated Teller Machines (ATMs), point of sale, electronic and internet banking. The new system is expected to provide the flexibility and sophistication needed to support the enhanced banking services CBA has earmarked for customers.
The new system will be integrated to the existing framework hence minimizing the overall requirement for hardware investment thus cutting initial investment cost that is associated with upgrading such facilities.
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