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New BSP Banking System Implementation

Monday, February 6, 2023

“BSP Financial Group Limited will migrate to the new Core Banking System – Flexcube in April 2023,” says BSP Acting Group CEO Ronesh Dayal.

“This is a short delay of a few weeks compared to the earlier anticipated go-live date of late February 2023, but necessary to enable a smooth transition to the new Core Banking System, assured Dayal.

The transition to the new Core Banking System is an integral part of the Group’s vision to be the leading financial services provider in our chosen markets, helping customers, staff, shareholders, and communities prosper, reiterated Dayal.

Dayal said while legacy systems are inherent in large institutions, BSP has taken on the challenge to execute the necessary changes by migrating to the new Core Banking System that will place BSP in a better position against our competitors.

“The new Core Banking System will deliver an enhanced customer experience for all our customers, providing a greater range of digitally enabled services making it simple and efficient for customers,” added Dayal.

BSP Group General Manager for Retail, Daniel Faunt also outlined the changes that will come with new Core Banking System emphasising on Internet Banking features and enhancements. “The new Core Banking system will include enhancements to existing Internet Banking functionalities and for the first time customers will  have access to our market leading banking App – the   BSP App,” Said Faunt.

“BSP App will be downloadable from the Apple App Store or Google Playstore and will deliver all of the functionality you will get on Internet Banking making it easier and convenient for our customers. Customers will be able to do almost all banking transactions via the BSP App,” explained Faunt while commenting on the new BSP App.

“With  BSP App, customers can be able to transfer money, apply for personal loan, open term deposit, top up phone credits to name a few, all at their fingertips,” Faunt further explained.

“Most of the changes that will come with the new Core Banking System have been communicated to our customers through various platforms. Our Relationship Managers and branch staff are also communicating the changes to our customers. This is ongoing and we will continue to inform our customers on the changes. These changes are mostly beneficial to both our customers and the bank,” said Dayal.

BSP is calling on all its customers to follow BSP Social Media pages, visit the BSP Website or call into the nearest branch to access information and updates on the BSP Core Banking System upgrade in preparation for GO Live in April.