IBS Journal December 2015


I can see for Miles


Cooperative Bank of Kenya (Co-op) has gone live with its latest software implementation, MoneyWare Wealth and Asset Management from Indian vendor Miles Software. Looking to open into mutual funding, deeper wealth management and hoping to take advantage of an expanding market in its home country, it completed the deployment in less than ten weeks.


and wealth management operations – described by Karanja as fund manage- ment’s ‘bread and butter’ – but for inroads into mutual funds management as well. The bank sent out an RFP (request for


Cooperative Bank of Kenya (Co-op) was established in 1965, gaining its licence three years later. In 1977 it opened its first subsidiary before converting to a full com- mercial bank in 1989. The bank’s customers include individuals, small businesses and larger corporations, as well as cooperative societies. The company’s total assets (as of March


2015) sit at around $3.34 billion, while it controls around 8.2% of all banking assets in its home country. The second largest bank in Kenya by assets, Co-op has recent- ly implemented and gone live with Miles Software’s MoneyWare wealth manage- ment system. Lawrence Karanja, operations manag-


er for fund management at Co-op, tells IBS Journal that the bank’s expansion neces- sitated ‘a robust investment manage- ment system’ that would support Co-op’s expanded service plans. This would not just be the case for the bank’s pensions


32 © IBS Intelligence 2015 www.ibsintelligence.com


proposal) for potential new suppliers and found that Miles Software was ‘highly rec- ommended’ by other users of the software in Kenya. Karanja adds that after checking the offerings that Miles provides and exam- ining online reviews from current users, the vendor was highlighted as a good fit for both contemporary and future operations. Other potential vendors considered


included Greek supplier Professional Com- puter Services (PCS) – which manages the custodial side of Co-op – as well as a num- ber of local companies. The bank also con- sidered Oracle FSS’s Flexcube and assessed whether it could continue with legacy supplier DST Global Solutions (now part of SS&C) and its HiPortfolio solution. According to Karanja, the process of


implementation begun with a solution mapping process. Teams from both sides came together to thrash out the details on how both would proceed. Karanja puts this discussion stage as having lasted around three weeks, followed by a full implemen- tation stage lasting another four. The new system was then run on test environments to ensure compatibility, he adds, with any bugs or glitches found during that time ironed out by the vendor The final deployment for going live


case study: cooperative bank of kenya


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