London banking group Alpha is replacing 25-year-old technology to offer better customer service.
The Alpha Bank London Group said its new implementation of Financial Objects' ibis s2 banking product will automate business processes in a range of different vertical banking markets. The efficiencies achieved - in general ledger, retail banking, treasury, message processing and nostro reconciliation, for example - will be passed on to customers.
Could this save customers time and money? "Ah, that is the $64,000 question," said a spokesman. "Probably not. But it means the bank can redeploy staff."
Linda Cullen, assistant general manager at Alpha Bank London Group, said, "The system's advanced functions let us automate routine processes and focus on providing higher levels of service to our customers. Furthermore, this cost-effective system has substantially increased the speed and efficiency of our reporting."
The biggest time saving is that brokers no longer have to duplicate efforts when selling products such as mortgages or loans, said David Carruthers, director of the IBIS division at Financial Objects. "When a banker offers a client a new deal, they do not have to start again," he said.
Asked to explain why such a basic function has only just been implemented he said, "Some banking systems have code that is 25 years old."[email protected]