NCSL installing core banking system, expected to be online by Sept: Elphick

THE Nasfund Contributors Savings and Loan Society is completing its core banking system which is expected to come online by September, says chairman Christopher Elphick.
“We are building a new core system at our head office, which we believe will change the way we do business,” he said.
“The new core banking system will be captured in the 2024 financial year report, so we will have to get it to come online this year. It will lead to improved accessibility of the services offering to our members,” Elphick said.
He said when the system crashed last year, “we knew straight away that we do not want to experience similar instances in the future”.
“So this investment is an important one.” He added that the new core banking system would improve member data security, load processing, and member contribution updates. It will also allow the society to compete with other financial institutions in terms of service and product offering in the digital world.
“These improvements will increase costs largely related to the implementation of the core banking system,” Elphick added.
Meanwhile, Elphick said the Jan 10 civil unrest had affected members and employees. The society is monitoring issues and events and updating its members on them.