Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

IBM Smarter Computing technology helps Keystone to improve operations, drive growth

Nigerian lender Keystone Bank has announced that with the adoption of IBM solutions, it has been able to successfully transform its business as it could usher in a new era of innovative service delivery culture and customer-centric operations.

The implementation of the new technology, which was initially started in 2012, has boosted its computing and service delivery capabilities as well as significantly contributed to cost savings.

The bank’s process performance has jumped by 90% while operating costs has decreased by 60%, following adoption of a series of IBM software and hardware systems and technology solutions, claims the lender.

According to the bank, its end-of-day processing time for daily customer transactions decreased from seven-eight hours to less than three hours, within the first month of implementing the IBM technology.

The integration of IBM-enabled ‘computing capacity’ has provided faster turnaround times for interdepartmental transactions, as well as enabled it to comply with the regulatory and customer obligations.

Commenting on the implementation of the new technology, Keystone Bank chief executive officer Phillip Ikeazor said, "Almost overnight, we experienced very significant cost savings and improvements in our data and transactions processing times."

"Our goal of enabling our personnel to deliver prompt, cost effective and efficient service to customers and help transform our market perception and the way we function as a bank is well on course," Ikeazor added.

In Africa, IBM has provided technologies solutions to 26 banks to drive the growth of the financial services sector in their respective markets.

In a bid to support the bank’s mission critical core banking, database and information management applications, IBM has provided IBM Power 795 and Power 770 enterprise-class servers. Further, IBM has provided Keystone with high performance IBM System Storage DS8800 to meet the banks’ growing data and storage needs.

Wholly owned by the Asset Management Corporation of Nigeria (AMCON), Keystone offers various kinds of banking products and services to its customers in the country.