Today TEMENOS (SWX: TEMN), a global vendor of integrated banking software, is pleased to announce that Meespierson Reads, has successfully implemented TEMENOS GLOBUSâ¢.
For a bank to replace all its core business systems is a challenge in itself. However, when it goes on to merge with another company three months prior to âgo-liveâ, a whole new dimension is added to the project! This was the situation facing Graham Thoume, operations director for MeesPierson Guernsey, as was, or MeesPierson Reads, as is now, during the recent TEMENOS GLOBUSâ¢ implementation.
Prior to the implementation of TEMENOS GLOBUSâ¢, the bank was using an AS/400-based system called Databank from Milvus. This had been heavily customised for MeesPierson. 'The main reason for evaluating systems again was to improve the automation of the back-office', says Mr Thoume. 'Many things which should have been automated were having to be done manually â as in the area of client settlement instructions for example. It was also very difficult to get data out
of the system and SWIFT-related functionality was poor.' As a result of the inadequacies of the system, many staff had to be deployed to manually 'fill the gaps'.
The implementation of TEMENOS GLOBUSâ¢ delivered on the expectations of both sides â on time and to budget. Graham Thoume's experience of four previous system implementations must have been a key factor. He cites the following reasons. 'The difficult part of implementing any new system is the analysis phase when you are trying to identify exactly what the bank needs. The
TEMENOS consultant who helped us with this was spot-on. The people involved in the project were excellent, the work on the budget was good and the planning was good too.'
The principal benefit of the implementation of TEMENOS GLOBUSâ¢ has been a considerable saving in the number of people required to manually carry out back-office tasks, since these have now been automated. The bank has also seen a complete restructuring of work-flows, with the physical movement of people and departments, resulting in a more efficient operation.
As part of the ROI analysis performed prior to the purchase of the system, Mr Thoume calculated that TEMENOS GLOBUSâ¢ would pay for its own depreciation in the savings it made for the bank.