The Bank South Pacific (BSP) is looking forward to introducing a new core banking system in 2019 after its successful rollout in 2015 at Fiji.
CEO Robin Fleming announced this when presenting the bank’s 2016 full year report during an investor presentation yesterday in Port Moresby.
The new banking system will simplify processes and decentralise operations for customers by transforming all BSP’s manual operations into digital.
Fleming, when expounding on the new core banking system stated that the Bank’s expenses have been reduced during the past year and a lot of that has been associated with its preparation for the new core banking system.
He added that when the process is finalised, all branches which BSP operates across the seven countries including Fiji, Vanuatu, Cook Islands, Solomon Islands, Tonga, Samoa and PNG will use a common banking system.
“We have been able to execute our growth initiatives including the acquisition of Westpac branches in Cook Island, Tonga and Vanuatu including Solomon Island.
“This has been great examples of this new core banking system in Fiji in 2015 and now we’re embarking on the next core banking system that will operate across the Pacific and we will effectively execute on these key initiatives to bring the best results.
Therefore, we are to make sure that the depreciation expenses are being wind down as we position ourselves for the depreciation which will be contingent associated to the new core banking system,” he said.
Fleming while outlining the Bank’s key strengths in his presentation said PNG remains the market leader in the Pacific and is operating in growing developing markets however it’s not an easy task but has been able to prove its growth initiatives through the acquisition of Westpac branches.
“We have a very well experienced and committed board and management who continue to provide robust governance, risks control and have an attractive financial profile which has enabled us to continue delivering growth, returns and yields.
“Our market share is very strong in PNG and across the region.
“We do endeavour to target a lower interest yield margin and in respect to that we have increased the positive rates on our key three savings accounts over 200,000 fee free savings account including Sumatin, Kids and Plus Saver accounts,” he said.
Photo Bank South Pacific in Vanuatu