Ecobank installs new banking software

Ecobank Rwanda has installed a new banking software, FLEXCUBE, which will allow its customers to use mobile and internet banking services, and enhance service delivery by offering faster transactions. The new system, which was put into operation on Sunday, replaces the Superbank application that the Bank has been using since it acquired the then Bank of Commerce Development and Industry (BCDI) in 2007. Ecobank’s Managing Director, Daniel Sackey, told Business Times, Tuesday, that the old system had limitations in terms of providing timely information about clients’ transactions. This, he said, hindered Ecobank from designing products that are tailored to each client. “For us as a bank we prefer to have the Management Information System (MIS) which is able to give us adequate information,” he said. The Managing Director added that the new system will enable them to tailor make products for their clients and improve speed and efficiency in the bank’s network of 16 branches, spread across the country. It will also realign Ecobank Rwanda with all other Ecobanks in other countries. “For example, we should be able to know the number of transactions a client has done in a day, month or a year; we should be able to know the average type of drawers and which type of deposits a client has made and when…such kind of information gives the trend analysis of your spending pattern,” said Sackey. Due to the definition of the new system, account numbers for the existing clients are set to change but the bank says that this will not cause incontinence to their clients. The bank said that clients can obtain their new account numbers in two ways—from any Ecobank branch, if a client is making a transaction, and from Ecobank internet, if one is registered for internet banking. However, this does not stop a client from carrying out a transaction. Sackey observed that the banking fraternity in Rwanda had evolved, saying that the new system repositions Ecobank to compete on a strong footing by offering flexible and modern banking services that will build confidence in its clients and increase their business on their accounts. “The more information we have on you, the better it is to profile you…if you want a loan it makes it easier because we have adequate information about you,” he said. Ends

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Ecobank installs new banking software