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The National Commercial Bank Jamaica Limited (NCB) has been undergoing a major system upgrade for quite some time. Their current systems are not up to the standard of the ones used by banks in major developed countries. Hence, the bank has partnered with the leading Indian software company, Infosys, to revamp the entire system and bring it in line with the latest. This new upgrade will bring in a host of features for both personal banking as well as commercial clients. This particular system upgrade will place NCB on par with the other leading banks, in regards to technology.
Upgrades Being Done
Around $2 billion has been allocated for this project. A major downtime was also planned to help integrate the system seamlessly. One of the main advantages of this new system is that the local financial tech companies will be able to integrate with it easily. This will enable new product launches involving these companies and the bank. Through this upgrade, a host of innovative financial products and services are expected to be launched. Another expected benefit is the improvement in the speed of the transactions. Currently, some of the transactions still require manual intervention and are not fully automated. This upgrade aims to remove manual dependency and go for complete automation. Several security measures will also be included in the new system, to protect the data.
Currently, personal banking customers cannot automate their bill payments. Every month it has to be done manually. This upgrade will allow them to automate this task. A new, improved interface will make it easier for the customers to use the NCB’s net banking website. Customers will also have the option of getting notified about their debit or credit transactions via SMS or email. They can also request to be notified via the mobile app.
As for commercial banking customers, the payroll transfers will be automated. Currently, a banking officer is needed to process the transfer. This is being eliminated in the upgrade. The upgrade required a major downtime of the bank’s systems which resulted in the customers being inconvenienced during this period. However, in the long run, once the systems are completely upgraded, customers are bound to be happy with the new and convenient changes. Regular services are expected to be disrupted from May 17. It is likely that the complete system upgrade will be completed within a period of 4 – 6 weeks.