Teachers Savings and Loan Society (TISA) today announced that it has successfully completed the migration to its new core banking system – Flexcube.
Michael Koisen, Group CEO for TISA said: “We have successfully migrated our core banking systems from Ultracs into the latest version of Flexcube 14.7 on Wednesday 5 June.”
“The migration was seamlessly executed with operations commencing on this new platform on 6 June.”
TISA also launched the Oracle Digital Banking Experience (OBDX) suite to provide Internet and Mobile Banking services.
“Despite the significant transaction volumes resulting from a three-day branch closure and additional bonus interest paid to member accounts, I am delighted to report that no operational issues were encountered during the migration.”
This new development enables TISA to optimise its infrastructure and service delivery to enhance banking services for its members and customers.
Flexcube’s depth and power provides a step change for TISA and significant capacity to TISA’s banking business, managing high transaction volumes, and improving service quality and performance.
“We can now perform core processes such as account openings and credit transfers quickly and with far greater stability, increasing scalability and cost-efficiency of the platform.”
The new system automates functions and processes that formally were done manually in the areas of operations and customer support.
The new Centralised Operations approach has been launched, which will bring efficiency and quick turnaround times at branches.
“It took us one and a half years of meticulously planning and execution and we had in place a robust and effective project governance and management framework and with the support of our core banking system provider Oracle Flexcube, our implementation partner Profinch, our testing partner Yethi and our advisors Deloitte, we have successfully delivered this project.
While we appreciate the external support, a critical piece to the successful delivery of this project is our Project Core team and TISA Technology team.
They put in long hours and worked extremely hard and worked smart to ensure the project was delivered successfully and within time frames.
We thank all our members, customers, and key stakeholders for supporting us through this project.
While there are minor teething issues and slight customer service delays after the migration, which is normal; we have invested in training our people and we have a talented team that has readily embraced the change.
I am confident in our team’s ability to adapt quickly, and our customers will experience improved services soon.
I am incredibly proud of our teams, and how they adapted quickly to learning and change.
As part of TISA’s transformation and commitment to elevating our member and customer experience and fostering financial inclusion, we have introduced USSD Banking and enhanced Internet Banking services after the migration.
We are also set to introduce several more innovative products onto the market in July.
We have refurbished our main branches of Port Moresby, Lae, Kokopo, and Mt Hagen where banking services will commence once the banking license is granted.”
