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TheStreet Open House

Keystone Bank Adopts IBM Smarter Computing Solution To Drive Business Transformation Agenda

Stocks in this article: IBM

LAGOS, Nigeria, March 27, 2013 /PRNewswire/ --  Keystone Bank today announced the ongoing and successful transformation of its business as a result of its acquisition of state-of-the art technology from IBM (NYSE: IBM), ushering in a new era of innovative service delivery culture, and customer-centric operations for the bank.  

(Logo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO )

Keystone Bank deployed a range of IBM software and hardware systems and technology solutions enabling the bank to significantly upgrade its computing and service delivery capabilities. The bank's back-end operational processes have significantly improved to higher efficiency levels hitherto unseen in the history of the bank and its ability to provide service to internal and external stakeholders has been strengthened. The new IBM systems deliver a 90% increase in process performance and have resulted in a 60% reduction in operating costs for the bank.

Within the first month of implementing the IBM solution, the bank's end-of-day processing time for its daily customer transactions reduced from between seven to eight hours to less than three hours. Its IBM-enabled 'computing capacity' has also resulted in faster turnaround times for interdepartmental transactions, and boosted its ability to meet and exceed regulatory and customer obligations.

The bank decided to make technology the key driver and cornerstone of its business transformation and growth agenda in 2012, hence its decision to deploy smarter banking concepts and principles. As a result of this initiative, and investment in IT, the bank's in-house systems, processes and capabilities have been overhauled.

"Our decision to go with IBM's technology offering has paid off handsomely for the bank. Almost overnight, we experienced very significant cost savings and improvements in our data and transactions processing times," said Phillip Ikeazor, Keystone Bank's Chief Executive Officer. "IBM provided Keystone Bank with superior technology, a better strategic roadmap going forward and lower cost of operations. Our goal of enabling our personnel to deliver prompt, cost effective and efficient service to customers and help transform our market perception and the way we function as a bank is well on course."

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