Software Used By Banks in Nigeria

Software Used By Banks in Nigeria

Software used by banks in Nigeria varies from banks to banks. The world has gone complete-blown techie and in this age of ours, it is somewhat‘ unimaginable’ to see any business stand the test of time without having a dose of technological input. The speed of service delivery as well as the ease of doing business have made the incorporation of software application very quintessential. Such inputs appear to give certain companies the advantage over others, when clients demand peak.

While service delivery within the banking sector may be far from ideal–amid varying customer complaints–it is hard to imagine what life would have been like without the use of a couple of software by various financial institutions. With this in mind, we intended to shine a spotlight on some of the big software that Nigerian banks are using.

If you are a graduate who is willing to work in a bank should learn and be certified in one or two software used by banks in Nigeria, so that you can add it to your CV that you are an intermediate in the knowledge of the software 

List of Software Used By Banks in Nigeria

FINACLE: Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.

Versions of this software that have been released include Finacle 7, 10, 11 and 11E. In Nigeria, Wema Bank, UBA Bank, Stanbic IBTC, Heritage Bank, First Bank, and First City Monument Bank use Finacle 10 while Fidelity Bank uses Finacle 7.

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FLEXCUBE: Oracle FLEXCUBE Universal Banking is designed to modernize a bank’s core systems efficiently and transform the bank to a digital, agile, connected and efficient Bank of Tomorrow. FLEXCUBE enables rapid innovation and next generation experiences with front-to-back digital capabilities, improves insight generation and enhances straight-through processing with intelligent decision-making and automation using technologies like Machine Learning and Biometrics, enables rapid and secure integration and collaboration with third-party firms and ecosystems through externalized business services and an open architecture, offers multiple transformation paths with best-in-class off-the-shelf capabilities to pre-integrated components for progressive transformation, supports multiple deployment options across on premise and Cloud, multiple deployment models.

The list of Nigerian banks using FLEXCUBE include Access Bank, CitiBank, Diamond Bank, Ecobank, Union Bank and Polaris Bank.

Temenos T24: Temenos T24 Transact is a core banking system providing product definition, transaction processing, unparalleled operational scalability and functional depth for all retail banks, corporate banks and private bank and wealth managers.

Temenos Transact is an integrated core banking system whose functionality is delivered using a number of independent Microservices. These allow banks to undertake progressive migration programs, delivering early business benefits by using standalone business capabilities which are delivered as Microservices but which also form part of an integrated solution. This architecture also allows banks to change the order of solution roll out as business priorities evolve.

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Keystone Bank and Sterling Bank are the two Nigerian Banks currently using Temenos T24.

ICS Banks:  ICS Financial Systems (ICSFS), part of the International Computer Systems (London) Ltd. group, is a leading provider of modular, core banking systems. ICSFS’ success can be attributed to our turnkey offering, ICS BANKS that serves and supports customers across the globe. ICS BANKS is a fully integrated universal, banking application that deploys a solution and a range of professional services to automate and streamline banking services.

ICSFS provides business and technology solutions for financial institutions in countries across the world, helping financial clients select and implement the best tools to achieve their business needs, and to integrate services and e-commerce features fully into their operations – crucial given the speed and flexibility of response required by the Internet and mobile enabled e-commerce business models.

ICSFS caters to the needs of modern financial institutions.  ICS BANKS is packaged as one complete solution to provide a complete integrated, parameterised, flexible and scalable end-to-end solution that covers all banking activities. 

Guaranty Trust Bank is the only bank using the software currently in Nigeria.

FusionBanking Essence: FusionBanking Essence is a customer-focused software created to help financial institutions run their operations smoothly. It was developed by Misys. The platform is hinged on utilizing advanced analytics to ensure banks promptly cater to the needs of their customers. In Nigeria, Zenith Bank is the only financial institution using this very software.

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