IBS Journal December 2015
With SAB, you play in the
with MoneyWare took three days, building on the work done during the solution map- ping phase. In total the entire process took around eight to nine weeks from the initial selection to the eventual release on 17th October 2015. The biggest challenge in the imple-
mentation came not from Miles Software, says Karanja, but from Co-op’s legacy sys- tem, DST Global’s HiPortfolio. Though he describes the older system as ‘very powerful’ and adds that the bank has never had any issues with the software, Karanja admits that it is somewhat ‘vintage’. Connecting HiPort- folio to the new system was ‘quite a big chal- lenge’, he says, though the task was eased by Miles Software’s help in converting older CSV files into newer XML formats. What impressed and surprised both
vendor and client, however, Karanja states, was the fact that the data loading – from older prepared files to the new system – took just one morning, with verification thereafter taking one day. The process was efficient and easy, he says, with older data being simply dropped into new standard- ised templates. What’s more, the process resulted in zero errors. Considering that Co-op had expected a data loss of around 5% the result was surprising for both teams: ‘they were as impressed as we were’. Having a new service built from the
ground up has also been a great posi- tive for Co-op. Implementing MoneyWare, says Karanja, has resulted in the bank’s transaction processing being ‘significantly improved’. Increased flexibility in report- ing and an improvement in the reconcilia- tion systems has also been noted at Co-op. Reporting, too, has seen a boost, as now a
© IBS Intelligence 2015
business user ‘not up to speed’ on special- ised IT skills or on coding can build complex queries and provide clear information. In the older system reports were pro-
duced via a plug-in designed by an IT team or built manually in the system by someone with knowledge about its inner workings. According to Karanja, only three special- ists in the company had such know-how, so the fact that anyone can now view and use the system is greatly appreciated by the bank. On top of this are smaller ‘every- day’ advantages for staff – MoneyWare is browser-based, making it easier for users to connect and get straight to work. Added to that is the fact that Co-op staff have found the UI simple and effective to use. Looking to the future, Karanja says that
the modularity of MoneyWare means that the bank has a platform for expansion. As the Kenyan market grows with the increas- ing use of derivatives, he adds, Co-op is looking to grasp at the opportunities head- ed its way – the sector will be a key area of growth for the bank, with derivatives set to be listed on the Nairobi Stock Exchange next year. Co-op is also looking at the launch of new mutual fund operations. Powered by MoneyWare, the bank is planning to open up plans for mutual funds with automat- ed dividends and experience ‘significant expansion’ in that area. The bank’s wealth management offerings will also be deep- ened – from a simple product offering to a more structured layer of multiple products – enabling clients to operate multiple port- folios with full stratified reporting.
Alex Hamilton
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