Co-operative Bank of Kenya has announced its plan to migrate its services to a new $50 million core banking system in a bid to enhance customer experience, reduce downtime incidents and enhance transaction security.
A core banking system is a back-end software that lenders use to manage their most critical processes such as connecting multiple branches to deliver operations such as loan management, withdrawals, deposits and payments in real-time.
The implementation of core banking transformation allows banks to achieve standardization and streamline their end-to-end business processes. This transformation not only helps banks enhance compliance with emerging regulations but also accelerates the time-to-market for introducing new products and services.
Co-op Bank notified its customers of the upcoming migration scheduled to take place from Friday, June 9 starting at 6:00 pm., to Monday, June 12 concluding at 8.30 am.
“We are pleased to announce that we are now ready to transition to our new and improved banking system, which will allow us to provide even better customer service,” said Co-op in a notice.
To undertake the transition process, the lender announced the temporary closure of all its 184 branches starting Friday at 3:00 pm and will continue throughout the entire day on Saturday.
During the closure period, customers will be able to access core services such as ATMs, M-Co-op cash mobile banking, Co-op Kwa Jirani agent banking and credit and debit transactions in various locations where cards are normally used.