Africa-Press – Kenya. Co-operative Bank of Kenya will from today move to a more secure platform in a bid to address safety and prop up transaction speed.
Dubbed Finacle, the system is also expected to cut downtime incidents and enhance transaction security for customers at the time Kenya is ranked among the top victims of cyber attacks in the continent.
The lender started building the $50 million (Sh7 billion) system in 2019 and expects to fully migrate by the close of business today.
In a public statement to customers, the tier (1) lender said the migration has been taking place since Friday evening and will be concluded by 8.30 am today.
“We are pleased to announce that we are now ready to transition to our new and improved banking system, which will allow us to provide even better customer service,” said Co-op in a notice.
The core banking system is a back-end software that lenders use to manage their most critical processes such as connecting multiple branches to deliver operations such as loan management, withdrawals, deposits and payments in real-time.
During an investor briefing for Q1 2023 results in May, Co-operative Bank Group MD Gideon Muriuki alluded to the system migration, terming it new, modern and robust to propel the lender to the next level of growth.
Through digital channel strategy, the lender has successfully moved 94 per cent of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 558 ATMs, internet banking and a countrywide network of Co-op Kwa Jirani agents.
A universal banking model and the implementation of Sales Force Effectiveness have seen the bank serve nine million account holders across all sectors.
The new system was built by Infosys Limited—an Indian multinational IT company.
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