Banco CTT Implements Misys FusionBanking Essence
- Retail Banking , Infrastructure
- 18.10.2016 11:15 am
Misys today announced the successful implementation of Misys FusionBanking Essence for Banco CTT, a new bank launched by Portugal’s national post service, CTT Correios de Portugal. The bank opened its first branch in November 2015 and then launched 51 branches in one day in March 2016 – the largest such opening in the country’s history – and is aiming for 200 branches by the end of the year.
With ambitious plans to capture a significant percentage of the Portuguese retail market and to deliver a seamless in-branch and online customer experience for its customers, Banco CTT recognised the importance of building a solid and compliant technology foundation for its core operations. Using Fusion Banking Essence as its online core banking platform and Misys FusionBanking Essence Digital for its digital channels, the bank is taking a customer-centric approach in full compliance with all regulatory requirements. Working closely with Misys and Deloitte to implement the solution, the bank is now equipped to quickly develop and put in place new banking products and open accounts for customers in a timescale as short as 15-20 minutes.
Luis Amado, COO at Banco CTT, said: “Banco CTT is based on the principles of proximity, simplicity, transparency and value for money. The most important task for us as a new bank is to create a positive relationship with our customers. To do this, we knew that we needed to provide an outstanding customer experience for all, including the digital generation. Misys supplied all of the technical components that we needed to build a rock-solid core banking system and to ensure consistency across all our digital channels – while also helping us deal with pressure from regulators and our investors.”
The flexibility and extent of functionality of the digital platform will appeal to the growing number of individuals in Portugal who bank online, which more than doubled between 2007 and 2014 from 12% to 25% . It will give customers a great experience during onboarding, as well as quick and convenient access to services. The bank will be able to bring new products to customers quickly and respond more effectively to market conditions, giving the bank more effective management of its business from the point of sale to ongoing management.
Nadeem Syed, CEO at Misys, said: “Across the world, many customers are demanding a more responsive and personalised service from their banks and Portugal is no exception. Digital innovation and new regulations have been key to the growth of competitor banks which recognise the need for low cost and flexible banking. With FusionBanking Essence, Banco CTT is taking the opportunity to establish a new bank with a competitive offering through investment in its core technology platform, providing customers with a new approach and ensuring future proof architecture which supports changing regulatory demands.”
In addition, the bank is also benefiting from Misys FusionBanking Payment Manager, which centralises payment and message processing across channels and back office systems. This enables Banco CTT to gain enterprise wide operational control and support SEPA compliance.