BSP Financial Group Limited will migrate to the new Core Banking System, Flexcube in April 2023.
BSP Acting Group CEO, Ronesh Dayal says though a bit delayed, he assured this is a short delay of a few weeks compared to the earlier anticipated go-live date of late February 2023, but necessary to enable a smooth transition to the new Core Banking System.
The transition to the new Core Banking System is an integral part of the Group’s vision to be the leading financial services provider in its chosen markets, helping customers, staff, shareholders, and communities prosper.
Dayal said while legacy systems are inherent in large institutions, BSP has taken on the challenge to execute the necessary changes by migrating to the new Core Banking System that will place BSP in a better position against its competitors.
“The new Core Banking System will deliver an enhanced customer experience for all our customers, providing a greater range of digitally enabled services making it simple and efficient for customers,” added Dayal.
BSP Group General Manager for Retail, Daniel Faunt also outlined the changes that will come with new Core Banking System emphasising on Internet Banking features and enhancements.
“The new Core Banking system will include enhancements to existing Internet Banking functionalities and for the first time customers will have access to our market leading banking App – the BSP App,” said Faunt.
He explained that the BSP App will be downloadable from the Apple App Store or Google Playstore and will deliver all of the functionality you will get on Internet Banking making it easier and convenient for customers.
Customers will be able to do almost all banking transactions via the BSP App.
“With BSP App, customers can be able to transfer money, apply for personal loan, open term deposit, top up phone credits to name a few, all at their fingertips,” Faunt explained.
Dayal further explained that most of the changes that will come with the new Core Banking System have been communicated to customers through various platforms.