ST Bank to overhaul legacy tech with Oracle FSS and JMR Infotech
Laos-based ST Bank is replacing its legacy systems with solutions from Oracle FSS and JMR Infotech. On the way out is the Smartbank core banking system from a Vietnamese developer, FPT.
JMR Infotech will deliver the software and hardware (it is worth noting that the incumbent provider, FPT, is also a regional system integrator of Flexcube and partner of Oracle FSS).
It will implement the vendor’s flagship core banking system, Flexcube, also Flexcube Direct for online and mobile banking, as well as its own solutions: JMR End of Day Management System and Genie De Banca. The latter is a digital unified platform that enables banks and financial institutions to increase asset and fee-based incomes, through selling additional non-banking products and services (see below for more details).
“Technology is key to our aspiration to be a leading bank in the region,” comments Ekalard Rattanachan, deputy MD at ST Bank.
Genie de Banca – genie in the bank
Genie de Banca is a brand new development brought to market by JMR Infotech last year. The first taker was National Bank of Kenya (NBK), which also uses Flexcube Direct for its internet banking.
Jayafar Moidu, CEO of JMR Infotech, describes the new product as “a fully automated and integrated platform for managing B2B2C offerings, which takes care of all workflows, processes, communications requirements of a bank, empanelled vendors and bank’s customers”.
Genie de Banca allows banks to offer products and services to their customers at discounted prices (pre-negotiated with the bank’s vendors). Via a single online window, a customer can go through the entire purchase cycle – from enquiry to selection and payment.
“If a customer opts for financing, the entire credit rating and loan approval is processed by Genie de Banca and passed to the bank’s loan management system.”
It can be integrated with any existing internet banking solution, he adds.