Three major Nigerian banks have turned to IBM to provide the technology to support the transformation of their operations as part the reform of the country’s banking sector. By using business analytics and service management software from IBM, Union Bank of Nigeria, Intercontinental Bank and FinBank are benefiting from some of the most sophisticated software tools available.
The software solution would enable them to increase the visibility of information and improve the manageability and efficiency of their organisations. Peter Farley of IDC Financial Insights noted that Nigeria’s complex banking sector was moving aggressively into the next phase of modernisation which involves improving the health and competitiveness of the industry whilst reducing high operating costs.
“Investment in technology has an important role to play in this transformation – helping to improve and automate business processes, increasing the visibility of information and providing secure and efficient payment capabilities. The use of outsourcing and shared service models will also enable Nigerian banks to focus on core competences and avoid duplication of resources”, he added.
In the area of business analytics, Union Bank of Nigeria was using IBM’s Cognos Business Intelligence software to help the bank to monitor and manage the corporate performance of its 400 branches across the country. Using the software, the bank has developed a dashboard system that helps to quickly translate complex information from across the bank’s systems and which provides the bank’s executives with a consolidated view of key performance indicators.
Source:http://www.businessdayonline.com/index.php?option=com_content&view=article&id=10882:ibm-supports-transformation-of-banking-industry-&catid=77:telecoms&Itemid=337
