BSP focuses on changing banking system

THE key focus area for Bank South Pacific (BSP) next year is to migrate from its existing banking system to the new platform, according to chief executive Robin Fleming.
Fleming told The National that they would move from the existing Firserv ICBS (integrated computerised banking system) to the new Oracle Flexcube platform with Vanuatu being the first country to be converted with a target date of October 2020.
“This is a significant project both from a cost perspective as well as operational and change management perspectives,” he said.
“Once completed, every country in which BSP operates will be on the same banking platform unlike now where we have three different systems being used across the seven countries where BSP has banking businesses.
“As well as a dedicated team of over 100 people including our system vendors and service providers, all BSP staff will be involved in the project which will include training in our Flexcube system during 2020.” Fleming said the Oracle Flexcube system was a far more integrated platform with applications for personal loan origination, document storage, international payments and treasury management, digital hub with internet banking and mobile banking and data-warehousing.
“With a system that has integrated applications more of our processing and transactions require less manual intervention by our staff which will result in more efficient transaction processing for our customers,” he said.
Fleming said BSP would continue to educate its customers on the benefits of the USSD mobile banking service and also its mobile banking app for smartphone users.
“The BSP digital hub will allow BSP to update and upgrade our internet and mobile app offerings regularly to meet our customers changing needs and also to introduce applications developed by fintechs far more quickly and at a much lower cost than is the case with our existing system that was developed many years ago.”