British Caribbean Bank enhances customer service and improves compliance with IPBS private banking and wealth management system.
British Caribbean Bank provides a range of retail and corporate banking and lending products for local and offshore clients. The bank has enjoyed a rapid implementation of the private banking solution from IPBS to replace a legacy system. It has increased day to day operational efficiency and quality of compliance management. Private clients now receive a better e-banking experience through improved online functionality. Supplier support has also been vastly improved.
British Caribbean Bank (BCB) is based in the Turks and Caicos Islands. It specialises in large infrastructure project financing in the hotel and tourism management sector and provides private banking services to individual clients. Ensuring customers have immediate access to their funds by wire transfer is important quality for the bank. BCB previously used a partially outsourced legacy system but it no longer met their needs as it restricted business agility and operational flexibility.
After an organisational restructuring, BCB was looking to simplify its business processes and improve the customer offering through richer functionality whist increasing the availability and efficiency of its back office system. The bank therefore decided to insource the IT system, and following a market evaluation, BCB selected the modular IPBS private banking and wealth management system.
Stewart Howard, Managing Director British Caribbean Bank Ltd commenting on the shortcomings of the legacy system said, “The system’s e-banking and bank statement functionality was restricted and compliance data was limited. We also found that IT support was not available during our full working day and coupled with the system’s batch processing nature, it meant downtime impacted on our hours of working.”
“We were under severe time pressure to implement a replacement system and this placed the IPBS implementation under significant scrutiny. The project went live in just 90 days thanks in part to IPBS’s rapid implementation approach. This reduced the burden of data integration in particular and allowed us to focus on managing the non-technical aspects of the change. It’s a very good, intuitive system that suits our requirements. Very little user training was needed and within a few weeks of go-live, any teething issues have been resolved. IPBS have a very good understanding of how to deploy their system and it’s worked well for us.”
The bank is now live on 5 IPBS modules:
• IPBS/Banking enables BCB to manage all of the traditional banking functions of a private bank, transactions are processed in real-time and supply updated accounting records across the enterprise.
• IPBS/eBanking provides the continuous online access requirements needed for high net worth clients, who now have access to richer transactional detail.
• IPBS/Business Manager allows full compliance with the latest Know Your Customer (KYC) and Anti money laundering (AML) regulations.
• IPBS/Mortgage lending supports the delivery of a range of short term mortgage loans and long term commercial mortgage loans.
• IPBS/SWIFT Payments enables seamless single payment transfers with full approval and release workflow for real-time international payments. Manual SWIFT payments are also supported via the IPBS/eBanking module.
The bank has been able to replace a restrictive banking system with one that more closely supports BCB’s operational requirements. The newly enhanced compliance capabilities are a big step forward as it allows more meaningful data to be accessed electronically. The IPBS system allows the bank to adjust entries, even going back several days, a feature that was simply not available previously.
Stewart commented, “The modular IPBS system is helping us to run a more efficient operation which was a key goal for the bank. It will enable us to minimise costs whilst offering superior customer service. We chose IPBS as it offered a scalable, powerful and flexible system that met our needs very closely. The short migration path to going live is testament to the flexibility and deployment capabilities on offer. We have seen benefits from day one including increased operational efficiency, greater STP and the addition of real-time transaction processing.”
He added, “I would recommend IPBS to other banks looking for a powerful private banking system supported by a responsive and customer focused supplier. Overall, I am very pleased with our decision to work with IPBS. It was a clear advantage to us that they are based in the same time zone and we have seen the benefits in terms of reactive support.”
Bruce Raine, Founder and President of IPBS said, “It has never been more important for banks to offer flexible products and services to customers whilst adhering to the latest international compliance regulations. The project at British Caribbean Bank was delivered within a short timeframe allowing the bank to migrate away from its legacy system and enjoy rapid ROI.”
BRITISH CARIBBEAN BANK LIMITED
P.O. BOX 270
Turks & Caicos Islands
(649) 941 5028 I Tel
(649) 941 5029 I Fax