Co-operative Bank of Kenya (Co-op bank) has recently undertaken a significant migration of its services to a new $50 million (Sh6.95 billion) platform, named Finacle.
This migration, a culmination of four years of efforts, promises enhanced safety and higher transaction speeds for the bank’s customers.
The Finacle System: A Game Changer
The Finacle system, developed by Infosys Limited—an Indian multinational IT company—marks a pivotal moment for Co-op Bank.
This robust system aims to improve the bank’s core banking operations, enhance customer experience, minimize downtime incidents, and bolster transaction security.
Understanding Core Banking System
At the heart of this transformation lies the core banking system, a sophisticated back-end software.
This system serves as the backbone for lenders, enabling them to seamlessly manage critical processes such as loan management, withdrawals, deposits, and real-time payments.
The bank streamlines the integration of multiple branches, ensuring smooth and efficient operations.
Migration Details and Customer Impact
Co-op Bank informed its customers about the migration, scheduled to occur between Friday, June 9, starting at 6:00 pm, and Monday, June 12, ending at 8:30 am.
The bank will close its 184 branches at 3:00 pm on Friday and reopen them after the completion of the migration on Monday morning.
Nevertheless, customers can still access essential services through ATMs, M-Co-op cash mobile banking, Co-op Kwa Jirani agent banking, and credit and debit transactions at locations where cards are usually accepted.
Co-op Bank’s Vision for Growth
This transformative step aligns with Co-op Bank’s strategic vision, as highlighted by Managing Director Gideon Muriuki in the latest annual report.
The bank’s commitment to implementing a “new, modern, and robust” core banking system reflects its ambition to propel itself toward the “next growth frontier.”
Through this migration, Co-op Bank positions itself to offer even better customer service and solidify its standing in the banking industry.
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