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Success Story | Stanbic Bank 

Stanbic bank partnered with JETHRO to ensure efficient Banking Services

About Stanbic

Stanbic Bank, Kenya, formerly CFC Stanbic, is one of the leading banks in Kenya and a member of the Standard Bank Group, a leading African financial services organisation, which was founded more than 150 years ago and currently operating in over 20 countries across the world.

The Situation

Stanbic needed to overhaul its existing systems and processes in order to meet the expansion plan of delivering efficient banking services. Consequently, the bank employed KPMG to perform complete bank wide systems audit.

Recommendations highlighted in the report include:

  • The need for new functionalities
  • Alignment of business processes
  • System performance optimization
  • System defect rectification
  • Bug fixes, customization
  • Proof of Concept (POC) upgrade and availability of relevant reports on the core banking system – Temenos Model Bank (T24MB).
  • Others include:
    • System Support
    • Advisory Services
    • Support Migration

The Solution

Stanbic partnered with JETHRO Limited, a Temenos Certified partner,  to evaluate and implement the system audit recommendations.

Some key milestones include:-

  • Implementation of Straight Through Process (STP) for payments.
  • Enhancement of Standing Order processes.
  • Integration with East Africa Payment System.
  • Excise’ Duty functionality.
  • Cash Handling Fees (PBB and CIB) automation.
  • POC – T24 Core banking System upgrade.
  • E-Courier solution implementation.
  • Database migration.
  • EMC Card migration.
  • Prime base (2000) Credit card system integration to T24 core banking system.
  • Trade Activities – Process Re-engineering.
  • Automate Loan Recovery and Write off Process.
  • Harmonize Overdraft Booking process.
  • Direct Debit.
  • Overdraft Limit process automation.
  • Optimize Integration Between Nbol and T24.
  • EBB Interface to T24
  • Concession and Waiver process re-engineering.
  • Integration between core banking system and CIMS.
  • Swift 2013 Standard implementation.
  • South Sudan Tax Collection.
  • Loan Statement.
  • Consumer Protection Act( CPA)- Loans.
  • Card Generation Process enhancement and
  • Account Opening Process enhancement.

Results

  • Revenue leakages were eliminated.
  • Efficient service delivery.
  • Fraud prevention functionalities became effective.
  • Improved customer & business relationship.
  • New infrastructure enabled Stanbic to meet regulatory and legislative compliance.

The new functionalities on the T24 core banking system resulted in system scalability, stabilization and integrity.

Also, Stanbic subscribed to JETHRO’s jDelivery product – customer communication solution that enabled efficient delivery of account statements to customers on the platform they prefer, resulting in revenue generation.

Other engagements included:-

  • Database migration to a higher release.
  • Mobile banking Phase 2 implementation.
  • Infrastructure upgrade.
  • Core banking system support and advisory services.

Stanbic experienced huge cost savings and money saved was added as profit to the bottom-line.