The software specialist to Sterling Bank Plc, Temenos, has announced the successful completion of the bank IT transformations that has gone live with Temenos UniversalSuite, just as it simultaneously rolls out Temenos Core Banking Solution across 185 branches.
The Geneva based software specialist in a statement made available to Financial Edge, over the weekend explained that the Bank move to replace its existing legacy systems with Temenos core banking solution will support ambitious growth plans, including reaching customers in new geographical locations and improve its ability to bring new products to the market.
The bank went live with an ambitious Big Bang Approach across all its 185 branches simultaneously, allowing the whole business to benefit from the new technology in the quickest time frame. Temenos said in the statement. Jean Paul Mergeai, Regional Director at Temenos commented: We are very pleased with Sterling Bank trust in our products and services which will enable the bank to execute its growth plans attracting new niche customers and expanding regional operations.
By selecting Temenos core-banking solution to underpin its IT transformation, Sterling Bank is leveraging the technology that should give them a competitive edge in a fast moving market, increase operational efficiency, reduce risks and improve customer service. I would like to congratulate Sterling Bank on the achievement and delivery of such an important program and milestone.
Yemi Adeola, the Sterling Bank Managing Director and Chief Executive in the statement pointed out that Technology has become the backbone of the global banking system today and as an institution, we are committed to continuously making the necessary investments to ensure we deliver the one-customer experience to all our customers. Our choice of Temenos is founded on their impressive track record and reliable service delivery; a trait synonymous with the core values we hold dear.
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers.
Temenos customers are proven to be more profitable than their peers: over a seven year period, they enjoyed on average a 31 percent higher return on assets, a 36 percent higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
Sterling Bank Plc, the one-customer bank, is a full-service Nigerian commercial bank with an asset base above N890 billion, over 187 business offices and more than 800 ATMs across Nigeria. In over 55 years of service, Sterling Bank has evolved from the nation pre-eminent investment banking institution to a fully-fledged commercial bank.
Furthermore, with a strong national presence, Sterling Bank is one of the top 30 most capitalized institutions on the Nigerian Stock Exchange. The bank also remains one of Nigeria fastest growing banks and is recognized as a dynamic financial services organization.