Customer-Centric to the Core
Bank improves service with TEMENOS core banking solution.
Industrial Bank of Korea (Seoul) deployed TEMENOS Group's (Geneva, Switzerland) CoreBanking solution. The system allows the bank to maintain 24/7 transaction processing and shortens product development periods. The CoreBanking solution, jointly implemented by IBM Korea and IBK, will be run throughout the bank's 391 branch locations, serving 10 million customers.
The bank wanted a system that would improve customer service, according to Seo Jae-Hwa, general manager, information systems management, IBK. "IBK's previous system was based on banking processes and not on customer service," Jae-Hwa says. "Therefore, the major goal was to implement an integrated system that is customer-centric." CoreBanking's ability to enable IBK with rapid development of products and services and the solution's 24/7 transaction processing are key to achieving that goal, Jae-Hwa says.
The implementation was completed in September, and new product development time has been reduced five to seven times, notes Jae-Hwa, who adds that the bank now can process data reports more rapidly and has shortened end-of-day settlement by 30 percent. The successful implementation has started something of a trend among other banks, Jae-Hwa relates. "The go-live was assessed to be a huge success both from people within the bank and outside of the bank," Jae-Hwa says. "Another bank system went live soon after IBK's go-live in Korea, and thus was subject to comparison with IBK's system."