As part of efforts of Mainstreet Bank to achieve full automation, the bank recently completed the first phase of its Group Shared Services, GSS, project. Anogwi Anyanwu, executive director operations and technology, announced that the project has led to the automation of about 80 per cent of the bank’s operations in all its 200 branches.

Anyanwu explained that the first phase of the shared services project has significantly improved the bank’s ability to respond to various customer needs in a quick and efficient manner. The benefits recorded are consolidation of 41 MICR centers and 34 clearing centers into one center thus ensuring prompt processing and delivery of service. There has also been a completion to end processing of many hitherto branch functions from the group shared service center. He further stated the other benefits of the first phase of the project, which include the standardization of services across the bank, centralized processing of basic customer requests, prompt and seamless funds transfers, instant advice to customers on various types of transactions and card issuance on the electronic card requests under 24 hours.

Anyanwu noted that the second phase of the project which has already commenced, will ensure the automation of Trade and Credit related functions like Form M, letter of credit issuance, bills for collection payment, trade finance, procurement, loan origination and expense processes. He further explained that the entire process has been designed to ensure that the incidence of fraud is minimized at every stage of processing transactions.

The Mainstreet Bank Shared Services Centre is a service point for every operations activity of the bank. Core banking functions previously processed at different branches and units are now centrally processed in a technology driven system that ensures the bank reduces cost, enhances efficiency and boosts customer service. Upon completion of the initiative, customers of the bank are expected to enjoy fully dedicated service support in every area of their business transactions.