The world has gone full-blown techie and in this age of ours, it is somewhat ‘unimaginable’ to see any business stand the test of time without having a dose of technological input. The speed of service delivery as well as the ease of doing business have made the integration of software application rather quintessential. These inputs seem to give some companies the edge over others as customers demand peak.
Although service delivery within the banking sector may be far from being perfect – amidst varying complaints from customers – it is hard to imagine what life would have been like without the utilization of a couple of software by different financial institutions. It is in view of this that we have decided to shed light on some of the major software used by Nigerian banks
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Finacle: Finacle was developed by Indian technology company, Infosys. The software is renowned for its flexibility, high processing speed and the reliable interactive interface featured on it. It is primarily functional for running core banking operations, updating customer details, performing periodic operations [like standing instruction calculation of interest and so on]. Additionally, it is useful in mobile banking, internet banking and business analytics. Versions of this software that have been released include Finacle 7, 10, 11 and 11E. In Nigeria, Wema Bank, UBA Bank, Stanbic IBTC, Heritage Bank, First Bank, and First City Monument Bank use Finacle 10 while Fidelity Bank uses Finacle 7.
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FLEXCUBE: FLEXCUBE was originally developed by Citicorp Information Technologies Industries Limited – which is now named Oracle Financial Services Software Limited after the acquisition by Oracle Corporation in 2005. This software serves a tremendous purpose in retail banking, customer relationship and management, investor servicing and asset management. The list of Nigerian banks using FLEXCUBE include Access Bank, CitiBank, Diamond Bank, Ecobank, Union Bank and Polaris Bank.
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ICS Banks: Guaranty Trust Bank recently won the Nigerian Bank of the Year once again this year and one cannot but acknowledge the influence of the core banking system in place. Well, ICS Banks – which is the software used by GTB – is known to be efficient for taking care of several financial activities. It has got many advanced features that makes it seamlessly possible to carry out the following functions: core banking, ATM management, Online Banking, risk management, teller operations, transaction monitoring, investment banking and so on.
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Temenos T24: This banking software was developed in 1993 by Temenos Systems, a tech company based in Geneva. Modules available on this software include Corporate banking suite, retail banking suite, Asset Management, wealth management, funds management and so on. Temenos systems is not resting on its oars as it keeps investing in the latest Artificial Intelligence advances in order to maintain its market edge. Keystone Bank and Sterling Bank are the two Nigerian Banks currently using Temenos T24.
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FusionBanking Essence: FusionBanking Essence is a customer-focused software created to help financial institutions run their operations smoothly. It was developed by Misys. The platform is hinged on utilizing advanced analytics to ensure banks promptly cater to the needs of their customers. In Nigeria, Zenith Bank is the only financial institution using this very software.