IBM Supports Transformation of Nigerian Banking Industry
IBM Software Helps Three Major Nigerian Banks Increase the Manageability of their Businesses
LAGOS, Nigeria, May 6 /PRNewswire-FirstCall/ -- Three major Nigerian banks have turned to IBM (NYSE: IBM) to provide the technology to support the transformation of their operations as part the reform of the country's banking sector. By using business analytics and service management software from IBM, the banks are benefiting from some of the most sophisticated software tools available to increase the visibility of information and improve the manageability and efficiency of their organizations.
"Nigeria's complex banking sector is moving aggressively into the next phase of modernisation to improve the health and competitiveness of the industry while also reducing high operating costs," according to Peter Farley of IDC Financial Insights. "Investment in technology has an important role to play in this transformation - helping to improve and automate business processes, increasing the visibility of information and providing secure and efficient payment capabilities. The use of outsourcing and shared service models will also enable Nigerian banks to focus on core competences and avoid duplication of resources."
In the area of business analytics, Union Bank of Nigeria is using IBM's Cognos Business Intelligence software to help the bank to monitor and manage the corporate performance of its 400 branches across the country. Using the software, the bank has developed a dash board system that helps to quickly translate complex information from across the bank's systems and which provides the bank's executives with a consolidated view of key performance indicators. Using the Cognos scorecard facility, the bank's management is also able to better monitor performance against targets.
In the area of service management, Nigeria's Intercontinental Bank is using a number of products from IBM's Tivoli portfolio to help the bank better manage its IT systems and ensure optimum levels of performance, security and customer service across the banks 300 branches. Another Nigerian bank, FinBank, is also using IBM's Tivoli solutions to help increase the manageability and efficiency of its IT systems. The software helps the bank to ensure higher levels of availability and prevent service disruptions for critical applications across the bank's 200 branches.
"The application of modern technologies has a key role to play in the transformation of the banking sector around the world," said Juan Pi Llorens., Vice President, Financial Services Sector, for IBM's Growth Markets Unit. "In growth markets where companies are still building out infrastructures, banks have an opportunity to implement systems that increase the efficiency, stability and manageability of their organisations, help manage risks and allow them to leapfrog the competition and win new customers."
IBM is partnering with local Nigerian business partner CITzar Limited, to provide these solutions to the banks.
In February this year, IBM also announced a new Banking Industry Framework for Nigerian banks to help them to be more efficient, improve their flexibility and adapt more easily to new business challenges and regulatory requirements.
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