The business model of POSB comprises a three-tiered structure that combines sub post offices at growth points, post offices at district centres and the bankâs 28 branches in major cities. The challenges facing the bank were to identify a solution, which could unify the bankâs processes, centralise the entire bank-wide networks, streamline work processes and empower the outlets to service the customers more effectively. POSB selected Neptuneâs Equinox and Nexus following an extensive and rigorous evaluation process that commenced in late 2004 involving several banking solution providers such as i-Flex, Temenos, Misys, Infosys and SAP. The selection process involved external consultants and the State Procurement Board vetted the final award.
In its strategic initiative, the bank plans to commercialize in order to add profit motive to its social and strategic objectives of serving the mass market.
Equinox makes this easy by providing technology that will automate many processes currently done manually, connect all the banks ATM and Point of Sale network. Further, Neptune shall conduct intensive training for key staff to enable the bank fully use the software features essential to their operations.
Mr. Admore Kandlela, the Chief Executive Officer of the POSB, said: "POSB recognizes that information technology is a critical success factor in the success of its business transformation. The replacement banking solution has to support the Bankâs plans for superior customer servicing, Bank wide information consolidation, product diversification and increased profitability. Also, the solution has to support the new business model based on centralized integrated operations. Based on thorough evaluation of all the competing vendor solutions, we are confident that Neptune Equinox and Nexus shall deliver on this strategic project."
On another note according to Mr. Kandlela, "We have invested heavily in a turn around strategy. For example, we have expanded our ATM network and we now have the largest ATM network in Zimbabwe. Additionally, we have acquired 5 mobile banks that will further increase our outreach to the remote rural areas. Having done this, our next objective is to use Equinox to boost productivity, align work processes and provide better services to match our facilities. We predict that our state of the art facilities will attract many new upmarket individuals and business as a result of the new image we are projecting. The way I look at the current situation is that our facilities will guarantee a great first impression. So we are counting on Equinox to enable us to live up to the elevated customer expectations."
Speaking at the signing ceremony, Vivek Sinha, the Business Development Director of Neptune Software shared the passion with the bank and said, "Neptune thanks the POSB for giving us this opportunity to showcase how Equinox and Nexus can help drive the bankâs future growth in volumes and profits. At Neptune, our core belief of delivering the best to the clients â best product, best value and exceptional service â drives all that we do. As we build on this momentum, we assure POSB of smooth, quick and successful implementation and support for its planned branch expansion, ATM rollouts, product and customer service initiatives."
Additionally, Mr. Sinha believes that Neptune Software offers its client banks solid advantages of local knowledge and understanding of technology requirement of the Zimbabwe market through the Business Development Manager, George Agu who has been following the market trend and developments in Zimbabwe and other Southern African countries for over two years. The knowledge and experience will definitely expedite smooth project implementation and Neptune teamâs integration with the banks staff. With Neptuneâs 100% implementation track record and local support, POSB shall reap full benefits of the state of art solution, Equinox.
Equinox will be used to centralise and streamline all POSB branches and operations, and provide a platform for launching more products to serve a wider range of customers. POSB will utilize Core Banking, Treasury, Executive Information system and ERP.