Union Bank of Nigeria Plc says it has
deployed a new core banking application to modernise its infrastructure
and improve operating efficiency.
The application, called oracle flexube
universal banking solution, helps to improve business operations and
enhance the customer experience, according to a statement by the lender.
The statement quoted the Chief
Information Officer, Mr. Yomi Akinade, as saying that the bank would be
enhancing and standardising its operations across the country by
leveraging the capabilities of the new technology.
“We will have a common operating platform in our extensive network of over 320 branches across Nigeria,” he added.
Akinade, who said Union Bank introduced
the platform on April 7 this year, noted that the lender had implemented
over 70 technology projects since 2010.
“There are three key areas on the over 70
technology projects, which are improving customers’ services, securing
customers and the bank’s data as well improving our productivity as an
institution,” he said.
He, however, advised customers to be
patient with the bank during the current transition period of the
upgrade as the general public may experience some challenges.
The information officer said, “As you
well know, when you go live with a major massive complex project like
this, there will be teething issues. So, there are challenges and
customers should understand this; but is for their own long term
benefit; because we will have a much more superior service offering when
the system runs fully.”
He said the bank was trying to bring all
of its third party applications up in the earliest possible time, when
over 90 per cent of those applications would be working.
According to him, some of the challenges
being experienced with the current system include the maintenance of
multiple servers in branches, and constant need for system enhancement
when a new field is required on the system.
Others are income leakage since some
charges and new products could not be automated or configured; customer
mandate maintained on third party applications instead of the core
banking application; complexity in report generation; audit trail on
maintenances; and issue of account replication from the retail to the
corporate modules.
With the upgrade to the oracle flexcube
universal banking solution, the bank will begin to enjoy a central
server which is being maintained at the head office. Akinade said, “A
vital feature of the upgraded flexcube is that the application now has
the capability to store customer image and signature. No withdrawals can
be made on an account if no mandate is maintained. This functionality
saves the bank the cost of paying vendors for maintaining third party
applications and check the incident of fraud as no withdrawals can be
made on an account if no mandate is maintained.”
The Group Managing Director, Union Bank,
Mr. Emeka Emuwa, was quoted as saying that the new platform was in line
with the bank’s goal of becoming a highly respected provider of quality
banking services within six areas of focus.
“The six major areas of commitment we are
focusing on include quality of customers experience, quality of client
base, quality of talent, quality of banking platform, quality of
professional standards and quality of the banks’ earnings.”
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