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Credit Bank Migrates to Temenos R17

Credit Bank becomes the first bank globally to implement to Temenos R17 Core Banking System

Nairobi; Kenya – Credit Bank PLC, has today announced the upgrade of its Core Banking System from TEMENOS T24 – R11 to the state-of-the-art TEMENOS T24 – R17, the first such implementation globally.

TEMENOS T24 is the most technically advanced banking system available today. It combines the most comprehensive and flexible business functionality with the most advanced and scalable architecture. This gives it unprecedented power to meet the challenges of today and the opportunities of tomorrow.

Speaking during the Go Live Sign Off Ceremony, the Bank’s Chief Executive Mrs. Betty Korir highlighted that the timing couldn’t be better. “I am delighted to lead an organization that champions innovation and one that is courageous enough to take the first bold step of being an early adopter. To be put in the world map as one of the pioneering institutions to implement such a robust and secure system is a great achievement. As a bank, we are not afraid to explore and to take calculated risks, provided it is for the end benefit of our customers.”

Credit Bank provides a broad range of financial and wealth management solutions to the Retail and SME segments. The implementation of TEMENOS T24 – R17 will enable the Bank to build on its strategy of providing customers with consistent and superior services as the system has been developed to offer a stable platform for innovation, one of the Bank’s transformation pillars, thereby ensuring a versatile, respected, financial services and solution provider of choice.

The Temenos T24 R17 system upgrade was implemented by Cognizant, a leading global professional services company. Cognizant has been a Temenos services partner since 2009, providing consulting, implementation, migration, system upgrades, testing and business-as-usual support for Temenos products.

Credit Bank has grown to being one of the most stable financial institutions in the industry to date. Despite it being a challenging year for most players in the Banking industry since the introduction of the interest rates cap, Credit Bank has continued to attract more customers, mostly from SME sector. This signals a significant repositioning of the Bank as the preferred financial solutions partner to the business ecosystem, especially in offering trade finance solutions.

Mrs. Betty Korir, Chief Executive Officer of Credit Bank, further commented, “With this implementation, we expect that the Bank will be able to offer unique and technologically advanced solutions that are adaptable and scalable enough as we step into to the next frontier of banking where our customers expect more and more value at every turn. Extensive training has taken place to ensure that the system’s extended capability is harnessed to give our customers superior and consistent value.”

Credit Bank is an institution that greatly believes and invests in technology to give its customers more convenience. There is still a huge opportunity for growth in this market. Our size as compared to other relatively larger banks enables us to be flexible in terms of offering better customer service and more tailored solutions.

Press Release: Tuesday 10th October, 2017

About Credit Bank

Credit Bank is a privately owned financial institution incorporated in Kenya over 30 years ago dedicated to serving the needs of the SME and the business community at large. Operating under the tagline My Friend, My Bank, we believe in providing affordable and personalized solutions across several market segments.

To date, Credit Bank has opened a total of 17 branches dotted across the country, all of which are strategically located to ensure our services are closer to our customers. The bank is on a growth path trajectory having recorded significant growth over the past five years. Total assets have more than doubled in recent years from Ksh 4.5 billion in 2010 to Ksh 12.2 billion in 2016 and our interest income grown from Ksh 465 million in 2010 to Ksh 1.5 billion in 2016.

The bank is committed to delivering excellent customer service, collaborating with customers to create tangible value and plans to utilize its human capital and technology to achieve its long-term business goals.

About Cognizant

Cognizant (NASDAQ-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 205 on the Fortune 500 and is consistently listed among the most admired companies in the world.

Learn how Cognizant helps clients lead with digital at:

Website: www.cognizant.com

-or-

Follow us on Twitter @Cognizant.

For additional information on the System Implementation, please contact Credit Bank’s Marketing & Communications team on mcc@creditbankltd.co.ke or on 0709072063.

Media Related Queries, please contact Millicent Chebet on millychebby@gmail.com .


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