TEMENOS™ is one of the world's leading global financial services software companies, providing integrated modular core banking systems to over 500 financial institutions worldwide. The company has 37 offices in 30 countries and is headquartered in Geneva, Switzerland.
“We believe that the time is right to invest in new generation technology. Our existing system has very successfully supported the development of CBA's business for more than a decade. However, our business has expanded considerably and become much more complex from a channel management perspective, the range of products on offer and geographic spread,” said Isaac Awuondo, CBA Managing Director.
Awuondo said the current system is not able to provide the flexibility and sophistication needed to support the enhanced banking services that the bank wants to provide to its customers in future. “We therefore set out to undertake a very competitive and rigorous system selection process aimed at identifying a new core banking system able to meet CBA's growth objectives, with the customer at the core,” he added.
CBA selected TEMENOS T24 as the most appropriate system because it is the most technologically advanced banking system that closely matches CBA's core banking system requirements for today and the future. The system combines comprehensive and flexible business functionality with the most advanced and scalable architecture while minimising overall requirement for hardware investment.
CBA expects to improve its competitiveness through the new banking system in the following business areas: Service delivery through multiple channels encompassing traditional branches, ATM's, point of sale and electronic/internet banking channels. Also through hubbing of IT operations as the bank expands in the country and the region and business information management and customer relationship management. The new system has strong functionalities that will assist the bank to meet much more rigorous regulatory requirements and compliance requirements that are likely to be introduced in the future in various areas such as better risk management, anti-money laundering and Basle II implementation.
CBA is the largest privately owned Kenyan bank and main client base includes local corporations and resident multinationals, insurance companies, international and local aid agencies, religious organizations, diplomatic missions and high net worth individuals. In addition to traditional banking services and products, CBA is a full service bank offering value-added services including investment banking services, asset management, Bancassuarance and long-term investment products.
