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.
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."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV