The Co-operative Bank is this weekend expected to migrate its banking system to a new Sh. 6.95 billion platform dubbed Finacle that is more secure and fast in conducting transaction.
This system migration is slated to start on Friday June 9 and conclude on Monday June 12.
“We are pleased to announce that we are now ready to transition to our new and improved banking system, which will allow us to provide even better customer service,” Co-op Bank said in a notice to customers.
To facilitate a smooth transition, the bank will on Friday close business at 3pm. It will then remain closed on Saturday and Sunday.
However, with a strong digital footprint, customers will still be able to access services through its alternative banking channels including ATMs, M-Co-op cash mobile banking, Co-op Kwa Jirani agent banking and credit and debit solutions.
The digital channel strategy by the lender has successfully moved 91 per cent of all customer transactions to alternative delivery channels, a 24-hour contact centre, 543 ATMs, mobile and internet banking and over 17,000 network of Co-op kwa Jirani agents.
“We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience,” said Co-operative Bank chief executive officer Dr. Gideon Muriuki.
“Our omnichannel interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.”
Joy for shareholders as Co-op Bank pays Sh. 8.8 billion dividends early
The new Finacle system is the product of four years of of banking innovation and is now set to enhance customer experience, cut downtime incidents and enhance transaction security. It was built by Indian multinational IT firm Infosys Limited.
It comes at a time when some local banks have been facing headwinds over the security of their banking systems with customers reporting missing funds and unauthorized transactions.
