HFC Bank marked a historical event this week with the signing of contract with TCS BaNCS (a division of Tata Group, India) for the Bank’s new Core Banking System (CBS) and digital enhancements for a total investment of $40m.
“This is a landmark event to venture in such a large investment which will create a new banking experience for our customers”, commented Chairman Tom Ricketts whilst at the same time commending the management and staff for making it possible.
The CBS project has been on the horizon as part of the Bank’s vision and strategies to improve and enhance its digital capabilities. The new system has undergone a strenuous shortlisting process and will ensure impeccable operational improvements that will benefit all stakeholders, customers, and staff. The 6 key areas of enhancements include the core banking platform, treasury management, trade finance, financial management, new digital experience, and data warehousing.
This signing marks the commencement of the implementation which is planned over the next 15 months and is earmarked for completion by mid-2023, HFC Bank is geared and ready to embark on this very significant phase of this growth.
“HFC Bank’s CBS project is the most ambitious investment to date, in terms of system improvements. With a total investment of $40m, this project is an incredible leap for the Bank – a transformation that will certainly put HFC Bank at the forefront of becoming a leading player in the Banking arena”, CEO Rakesh Ram proudly stated. “The project core strategy for the bank, and we will proactively manage every aspect of the project to deliver the best outcome without any impact on our customers”.
Ram also commented this is a clear confidence in the future of the Bank and the Fiji’s economy, which will see HFC Bank to be the most admired and respected bank delivering the best quality service to its customers and fair return to its shareholders who are all Fijians.