Malawi Stock Exchange listed commercial bank, FMB, says the migration to Finacle banking platform mid last year has helped improve the bank’s operations.
FMB Head of Networks, Payments and Receivables Solutions Sizabona Makwakwa said on Wednesday that the new platform has enabled the bank to remove process inefficiencies which came about through regular manual interventions within the various process cycles which also included payment and collection of fees and commissions.
Makwakwa said this has been achieved through automation of various processes which ensure that we should not have revenue leakages.
“Besides automation, the platform also allows bank to have a 360 degree customer view which enables us to do various analytics to understand the customer better.
“Along with analytical capabilities, the system produces several customised reports for management information and regulatory reporting which otherwise were
to be done manually, to a greater extent,” said Makwakwa.
He said being a high-tech product, Finacle has enabled FMB to easily interface with other latest systems which aim at bringing financial related products and services closer to a wider geographical area.
“These include cashiering services that we are providing on behalf of several of our partners such as Multichoice Malawi, Blantyre Water Board, City Assemblies, Masm and many others,” said Makwakwa.
He added that the reduction in manual interventions that have come about with the launch of the Finacle banking platform has relieved staff of pressing time so they can focus on some other tasks.
“In the final analysis, the customer gets it all because there now is a bank that understands them from every angle of our relationship with them.
“This makes it even easier to design processes and procedures that suits their group and individual requirements from tips gained from the 360 degree customer view,” he said.
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