Standard Bank clients remain dissatisfied

Earlier this year, Standard Bank Namibia launched a new system which it said would improve people’s banking experience. However, the new system has left people frustrated and angry.The new banking system – which is called the Finacle core banking solution – is a comprehensive, integrated yet modular business solution that effectively addresses the strategic and day-to-day challenges faced by banks. It is highly parameterizable providing that much-needed flexibility to innovate and adapt to a dynamic environment.
The Finacle system was introduced with the aim to improve the quality of its service to customers but ever since implementation, some clients complain that things have not changed for the better.
A young woman, who currently resides outside the country and is a client of Standard Bank, says she thinks the idea of the new system is OK but its execution was not well thought out or implemented.
She further complained that the fees have gone up since the new system was introduced.
“They have increased fees to support the new system and they decided to close the fixed savings account that came with the E-plan accounts without prior notification. They only notify you when you go to the bank that they have closed it and that if you want it, you should re-open it again,” the Standard Bank client, who declined to be named, said.
Although the Finacle banking system aims to improve the quality of its service to customers it is yet to start running smoothly, since it was implemented.
Another client of Standard bank said: “This new system is even slower than the old South African one, we stand in the queues for hours and sometimes even the bank officials look like they are confused themselves,” stressed the dissatisfied client who also chose to remain anonymous. Meanwhile, Thaddius Maswahu, head of marketing at Standard Bank, admitted that there are some technical problems and that there is a misunderstanding with the new system.
Maswahu further said that claims that banking fees increased, are untrue and that the bank only moved from the old system to the Finacle banking system.“What we have done is migrate the accounts to a new platform,” he said
Maswahu said that the old system was linked to South Africa but the new system is a Namibian controlled system.
“People need to understand that the new system is a directive from the Bank of Namibia,” he said.
Maswahu admitted that some bank officials are still finding it difficult to cope with the new system,  but that people should understand that these officials have been working with the old system for the past 30 years and it will take time to adapt to the new system. “Some clients complained that the old system was too manual and having implemented this system, they are alleviating challenges,” he said.
Maswahu reassured Standard Bank clients that the bank is on the right track and that with time, the system will run smoothly.