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Credit bank to spend 100m on new core banking system

November 25, 2010
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Credit bank to spend 100m on new core banking system

Martin Gicheru by Martin Gicheru
November 25, 2010
in News
Reading Time: 3 mins read
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Credit bank

Credit Bank Limited plans to overhaul its core banking system as it expands its business.

Speaking in Nakuru after paying courtesy calls to the bank customers Credit Bank Chief Executive Officer Nok Bwonditi said the planned IT upgrade would cost the bank an estimated Ksh100 million and is expected to change the face of the bank as it makes foray into retail baking.

“We launched our strategic business plan recently and one of the key pillars is the adoption of new technologies to aid product innovation and customer service improvement. We see this as the key driver for our business growth plan going forward and the shift in our strategy where the bank has fully embraced retail banking deployment of a state-of the art technology is even more urgent matter,” Mr. Bwonditi said.

He noted that the bank had identified the vendor and would start procurement process soon. The move follows the move by the bank to get into retail banking as it shifts strategy to serve the mass market.

Credit bank
Credit Bank Chief Executive Nok Bwonditi (right) chats with Kenneth A Joslyn of the Rotary Club, at a cocktail held for the bank’s customers in Nakuru recently.

Mr. Bwonditi said: “The new core banking we intend to install will certainly help Credit Bank enhance revenue streams, gain competitive advantage and deliver return on investment by enabling us to bring new products to market very quickly; both savings and loan.”
He added: “Credit Bank has been known for its customer service proposition and this has been achieved because the bank has been servicing a ‘niche’ market but as we prepare to break new grounds and fully open our doors to retails customers we need a technology platform that will be able to support this and without compromising on our levels of service delivery,” he said.
Credit Bank plans to open 11 new branches in the next three years to enable it compete more effectively and to make its services more accessible to its consumers. This will effectively take the total branch network to 17 over the next three years.

The opening of the new branched has gained approval from the Bank’s board who have accepted to infuse more capital to help in the expansion process.
“It costs between Ksh18 million and Ksh22 million to put up a branch so we are talking of a huge capital investment cost which the board is willing support. Through this expansion process we will be able to double our balance sheet and triple our,” he said.
Mr. Bwonditi added that to support the bank’s foray into retail, Credit Bank would embark on numerous road shows across the country to popularize the bank. Already, such events have been held in Kisii and Nakuru and the bank would carry a similar event in Kisimu.
He said: “This is a great way to take the bank to the people. It enables us to interact with our existing customers and recruit new ones. It also enables us to get insights into strengths of each region and to design products that are relevant to a particular region. For instance, Nakuru is rich in tourism, agriculture and manufacturing, Kisii is rich in agriculture and Kisumu is rich in fishing and as a regional business hub for East Africa. Armed with these insights we are able to serve our customers better.”
He added that the bank was also considering investing in more ATM outlets and moving ito agency banking supported by its branch network which would be strategically located.
“We will roll out new branches faster, develop and deliver products better and serve our customers in more responsive and convenient ways. We want to hold true to our slogan, “My friend, My Bank” and we believe investing in a new technology will help us achieve this vision,” Mr. Bwonditi concluded.

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Martin Gicheru

Martin Gicheru

Martin is the Managing Editor at Techweez, passionate about personal tech and telling stories of consumer experiences. Talk to me: [email protected]

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