Nova Merchant Bank deploys new digital platform to gain competitive advantage
In a bid to drive growth and boost digital banking in the country, Nova Merchant Bank Limited, a merchant and investment bank, has announced its adoption of a new banking platform, called Intellect Digital Core.
As disclosed by the Managing Director/ Chief Executive Officer, Chinedu Ikwudinma, in an interview on Saturday in Lagos, “the platform was chosen after several months of a very rigorous selection exercise and discussion with different providers of core banking solutions. We have now gone live on a new system. The bank started on a system called Integrated Banking System in terms of our core banking system. We have now transited to a system called Intellect Digital Core. We are the first bank in this country to use Intellect banking platform. Our aim was to identify a solution provider that is geared for the future because if you look at the banking system today, there are a lot of developments in terms of digital banking, and in terms of the way customers’ experience now drive banking activities. And many banks are trying to transform themselves along those lines.”
He stated further that, “NOVA Merchant Bank identified and engaged a provider with operations in 40 countries, serving more than 240 clients including JP Morgan Chase, Citi Bank, and Reserve Bank of India. We are adopting the system for our entire suite of banking applications – the core banking platform, the channels in terms of what customers will engage with, our treasury and trade activities. The critical difference between what you may hear about online banking and the solution that Intellect will provide for us or the backbone it provides for us is in terms of its flexibility, agility and capacity to scale the services because the Intellect platform is built around the customers’ experience. It is not just a channel to deliver the bank’s services and products to the market; it is about what the customer seeks – the way the customer behaves. So, our aim is digital solution for our customers and to use both the platform and our capacities for things like data analytics, machine learning and Artificial Intelligence to be able to give insight to our customers.”
Ikwudinma also made it known that, “The platform allows us to create bespoke solutions for our clients. It is an open architecture platform that allows us to bring solutions easily. A lot of times, what banks struggle with is how to bring new solutions on stream. We are not just a financial services provider to our clients, we are providing solutions around their entire ecosystem of banking. We have been growing the bank systematically since we opened to the public. Now, I think we now have some of the firepower that we need for the next stage of the institution in terms of growth and advancement.”
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