Stanbic Bank Uganda has chosen IBM’s Cloud Pak Integration Software, an open banking platform, to support its digital transformation and enhance the customer experience. The bank plans to implement the IBM Cloud Pak digital banking platform, replacing legacy systems and streamlining processes as part of its IT transformation strategy.
Uganda has prioritized smart policies to address societal challenges and drive economic growth, guided by the national development plan, Uganda Vision 2040. The country has made significant progress in its digitization journey, expanding mobile network coverage to meet the needs of its increasingly digital-first population. It is projected that 4 million new mobile subscribers will be active by 2025.
By adopting IBM’s CP4I, Stanbic Bank Uganda will integrate its payment systems to support core banking applications and mobile banking operations. The secure platform will enable the bank to onboard and manage new APIs internally and externally, facilitating faster time-to-market for innovative solutions like FlexiPay. This integration will enhance the banking experience for customers at every touchpoint.
Furthermore, the bank will be able to meet the growing digital expectations of customers by strengthening its ecosystem with fintechs, neo-banks, and telecom partners.
Emmanuel Serunjogi, Head of Partnerships and Ecosystems at Stanbic Bank Uganda, emphasizes that working with IBM will allow the bank to offer integrated and seamless banking experiences that enhance the user experience for customers. The integration of secure APIs with ecosystem partners enables the bank to meet customer needs and expectations in the digital age.
This hybrid cloud approach will enhance the bank’s competitive advantage by providing greater flexibility to adapt to changing customer and business demands while remaining compliant with industry regulations.
Julia Carvalho, General Manager for IBM Africa Growth Markets, expresses satisfaction in partnering with Stanbic Bank Uganda to accelerate its digital footprint and elevate the overall customer experience. Leveraging IBM’s expertise, the collaboration aims to enable the bank to expand its reach, cater to a broader audience, and deliver cutting-edge digital solutions that meet evolving customer needs. The joint efforts will result in an unparalleled customer experience and contribute to the growth of Uganda’s financial digital ecosystem.
Stanbic Bank Uganda’s decision aligns with global trends in the banking industry, as end-to-end digitization to reshape operations and drive innovation has been identified as a top priority in IBM Institute for Business Value’s 2022 Global Outlook for Banking and Financial Markets.
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