New core banking system go-live finally in sight for Aktia Bank
Finland-based Aktia Bank says its new core banking platform – Temenos’ T24 – “will be implemented step-by-step during the last quarter of 2016”.
The project has been underway since 2013. T24 will replace a legacy development by a local vendor, Samlink.
The total investment is now estimated to exceed €65 million – a €10 million increase since the estimation at the start of 2016 and more than double since the original estimate at the start of the project (€30 million).
The total activated investment costs for the project are estimated to amount to €55 million (previously €50 million). “Expenses have increased mainly due to prolonged testing to ensure a smooth transition for our customers,” the bank explains.
At the end of June, the activated investment costs amounted to €48 million. Aktia says the increase in costs will not impact the outlook for its 2016 annual results.
The go-live of T24 has been pushed back a number of times too.
Aktia says that “acceptance testing of the systems included in the new core banking platform has advanced well”. The bank also commenced staff training last spring, “and the feedback has been positive”.
The new core banking system will improve customer service processes and modernise work approaches, Aktia says. It will also be a base for further digital development of services.
The cost savings brought by the new core platform will materialise from 2017 onwards, the bank adds.
Aktia provides a range of products and services within banking, insurance and real estate agency. It has 300,000 customers, 1,000 employees and 50 branches.