CIMB installs new core banking system

KUALA LUMPUR: CIMB Group has installed a new core banking system in Malaysia to upgrade capacity and service levels as well as homogenise its operating systems across the region.

The massive installation exercise, involving migration of data of over eight million customers, was undertaken over the recent Chinese New Year holidays and at its peak, involved about 12,000 employees.

Group chief executive Datuk Seri Nazir Razak said in a statement the migration took place at that time as statistics had shown that the period yielded the lowest transaction volumes and would inconvenience the least number of customers.

Just over three years ago, CIMB Group announced its plan to implement a RM1.1 billion core banking system project for its banks in Malaysia, Indonesia, Singapore and Thailand after an almost year-long process of system selection and project design.

The project, dubbed "1Platform", was aimed at installing a single regional information technology and operations framework for all CIMB entities.

With CIMB Malaysia and Thailand operating on legacy systems nearing capacity ceilings, the group undertook a region-wide new system project to enjoy economies of scale of procurement.

CIMB Malaysia is the third CIMB entity to successfully implement 1Platform after successful roll-outs in Singapore and Thailand in 2011 and 2012, respectively.

Indonesia has embarked on its implementation phase and is targeting completion by end-2015.

The statement said the new system has been designed with the customers in mind and, thus, facilitates more effective customisation and bundling of products.

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