Nova Merchant Bank Unveils New Digital Banking Platform

AB9NGK Nigerian Central Bank, Abuja, Nigeria. Image shot 2007. Exact date unknown.

As part of efforts to boost customer satisfaction and enhance its operations, Nova Merchant Bank Limited has adopted the Intellect Digital Core banking platform.

The Intellect Digital Core was developed to help banks to accelerate their digital banking and channel transformation journey. It comes with a digital 360 proposition with inbuilt design for both Digital Outside and Digital Inside.

While the Digital Outside ensures true omni channel and consistency of customer experience at all touch points, the Digital Inside drives operational excellence.

Speaking about the new platform in an interview in Lagos, the chief executive officer of Nova Merchant Bank, Mr. Chinedu Ikwudinma, explained that the bank has since gone live on the system.

According to Ikwudinma, the bank commenced operation this year with a system called IBS in terms of its core banking system. “But we have now transited to a system called intellect. We are the first bank in this country to use the intellect banking platform. “There was a reason we chose that. Our aim was to identify a solution provider that is geared for the future. If you look at the banking system today, there are lots of developments in terms of digital banking and the customer experience now drive banking activities.

“And many banks are chasing that destination. They are trying to transform themselves along that line. So, we were very keen as a new bank to identify a provider who is already aligned to that from their services,” he explained.

Ikwudinma further explained that the bank adopted the platform for the entire suit of our banking applications.

“The system is flexible and has capacity to scale our services because the Intellect platform is built around the customer experience.

“It is about what the customer seeks and the way the customer behaves. Again, because of the open architecture of this platform, it allows you to latch on to different solutions.

“Our aim is a digital solution for our customers end-to-end and we are trying to use our platforms for things like data analytics, machine learning, etc, to be able to serve our customers better,” he added.

The Intellect Digital Core was developed by a 25-year old company with operations in 40 countries serving more than 240 clients, including entities such as Citibank, JP Morgan, and the Reserve Bank of India.

“I also will like to say to you that the bank is doing well and is profitable. You may have seen our figures for last year, which we published. We have maintained that track record.

“Our indices in terms of liquidity ratio, capital adequacy ratio are excellent, way ahead the industry standards and regulatory requirements. Our customer base is growing, and we are happy to say that,” he added.