Background
The Bank of the Bahamas is registered in 1970 and is one of the oldest financial institutions in the Bahamas. Nevertheless, the bank invests heavily in new technology and automation in order to support its banking transactions.
The Challenge
The challenges facing the Bank of the Bahamas (BOB) are best detailed by its Chairman, Mr. Wayne Aranha in his Remarks to the shareholders of the Bank in late 2018, who pointed out that strong market influences such as customer expectations, changes in technology, regulatory requirements, demographics, and economics are remodeling the local and global financial services landscape. These influences are forcing the need for change in the way banks do business. In order to succeed in this ever-changing market, BOB will need to move beyond its legacy challenges and retool itself. It will not only have to deliver on the Bank’s current imperatives but will also need to restore its foundation to support future endeavors.
The Solution
The project with BOB started with the Sirma service “Business consulting in finance”, namely with careful analysis of the needs and requirements of the Bank and advice on process optimization and digitalization. Oracle FLEXCUBE v.12 was selected as the new core banking system for replacement of the legacy software. Complementing it two of the modules of Sirma’s UBX Suite were also installed – the Payment Portal and DIBA. These modules were key for the BOB in providing the much-awaited new online and mobile banking services. Subsequently, the system upgrade was done followed by the integration and customization of the new software, data migration, and training of the employees.
The Bank of the Bahamas had now successfully “rebooted” and was on its way to growth.
We believe that we have made the first steps to achieving long term sustainable profit.
shared with the shareholders on 30.11.2018 by Wayne Aranha – Chairman of the Bank of the Bahamas.
Results
The whole project was finalized in just 18 months. As a result of the Core bank FLEXCUBE consulting and version upgrade, the Bank of the Bahamas was able to reduce its operational costs, improve efficiency and increase transaction security and compliance. Further by using the “Business consulting” service offered by Sirma, BOB achieved process optimization, improved reporting and compliance. Last but not least by using the UBX Suite developed by Sirma the bank launched its much-awaited online and mobile banking services, thus achieving improved customer experience.
More information
Find out more about Bank of the Bahamas at their site.
Find out how technology can transform your financial institution, visit:
Core Bank Oracle FLEXCUBE V12 upgrade
IT Consulting and Integration in Finance
UBX Suite: Payment Portal and DIBA
