Sterling Bank, a leading financial institution, has successfully gone live with Temenos UniversalSuite, an integrated banking software solution for universal banks with market-leading retail, corporate and wealth management functionality.
In over 50 years of operations, Sterling Bank has evolved from the nation’s pre-eminent investment banking institution to a full‑fledged commercial bank, having completed merger
with four other banks – Indo-Nigeria Merchant Bank, Magnum Trust Bank, NBM Bank and Trust Bank of Africa, as part of the 2006 consolidation of the Nigerian banking industry. With the acquisition of the business interest of the defunct Equitorial Trust Bank in 2011, the Bank enhanced its position in the hierarchy of major players in the sector.
Sterling Bank, “the one-customer bank” is a full-service commercial bank, which has been serving Nigerian customers for over 50 years. Its asset base exceeds N890 Billion and its shareholders’ funds are above N82 billion.
The Nigerian bank offers both Retail and Corporate Banking services to more than 1.4 million customers. The bank’s move to replace its existing legacy systems with Temenos core banking solution will support ambitious growth plans, including reaching customers in new geographical locations and improve its ability to bring new products to market.
Sterling bank decided to launch a digital bank and offer its customers a different option in the marketplace, Providing a completely new way of banking that combines seamless customer experience with transparent and value added services.
The bank went live with an ambitious ‘Big Bang Approach’ across all its 185 branches simultaneously, allowing the whole business to benefit from the new technology in the quickest time frame.
Jean Paul Mergeai, Regional Director at Temenos commented: “We are very pleased with Sterling Bank’s trust in our products and services which will enable the bank to execute its growth plans – attracting new niche customers and expanding regional operations. By selecting Temenos core-banking solution to underpin its IT transformation, Sterling Bank is leveraging the technology that should give them a competitive edge in a fast moving market, increase operational efficiency, reduce risks and improve customer service. I would like to congratulate Sterling Bank on the achievement and delivery of such an important program and milestone.”
Yemi Adeola, CEO at Sterling Bank, commented: “Technology has become the backbone of the global banking system today and as an institution, we are committed to continuously making the necessary investments to ensure we deliver the one-customer experience to all our customers. Our choice of Temenos is founded on their impressive track record and reliable service delivery; a trait synonymous with the core values we hold dear”.
The new software combines an agile core with powerful analytics and a single platform for distribution across all channels. It enables banks to be competitive with customer-centric, relevant products and an optimised user experience whatever channel the customer chooses to use. This drives customer loyalty, decrease attrition, increase wallet share and improve profitability.
With UniversalSuite, banks can drive efficiency at the same time as building customer intimacy.
UniversalSuite will address the banking technology, regulatory and market challenges of today and tomorrow. Through Temenos banks can leverage technology innovation to drive competitor differentiation and advantage, operational efficiencies, reduce costs and boost profitability. Whether for a retail bank looking to target the mass-affluent segment or a multi-segment, multi-country bank, UniversalSuite provides a solution which enables banks to scale, onboard, reduce attrition and deliver a market-leading service to customers regardless of the segment.