Stanbic upgrades its Core Banking System

Stanbic Bank Botswana said it will soon begin transition to Finacle 3, which is its upgraded Core Banking System. The technologically advanced system is replacing the current Bank Finacle 2 System. The transition is expected to be complete and the new system to Go-Live on the 8th of February 2021.

The new generation banking system is one of the top 10 core banking systems in the world. This upgrade will enable Stanbic Bank Botswana to bring a more personalised banking experience to clients, deepen inclusive banking, speed-up loan application / disbursement, afford opportunities to create faster functionalities and many more. It further enables the Bank to derive optimal value from customer data in order to meet a range of operational, business and strategic objectives, with consistency across reporting, and playing a pivotal role in transforming key institutional data into measurable performance indicators. 

“True to the very core of our purpose, which is “Botswana is our home; we drive her growth”, our passion has been unrelenting in finding new ways to make dreams possible for our clients. We call this passion of ours “It Can Be”. We embrace the challenge of bringing tangible improvement to the lives of all our clients,” said Stanbic Bank Botswana Chief Executive, Samuel Minta.  

“We have therefore re-calibrated our strategy to make this possible. As part of that, the planned Finacle upgrade will allow us to drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and automation.” 

Finacle is the industry-leading digital banking solution suite. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts. The choice in this technology partner speaks to Standard Bank Group Strategy of being a leading Universal Financial Services Organisation (UFSO).

“During the transition period, we kindly ask our customers to bear with us in the event that some disruptions may occur.  We will keep customers updated on our progress along the way as we work towards making the banking experience simpler and more pleasurable.  Our priority remains to service the needs of our customers and to help them through any challenges they might experience. And, as such we have an established Customer Care Centre to assist during the transition period,” added Minta.