Kindle to distribute CSI's On-Q banking software
Kindle Banking Systems has signed an agreement with Computer Solutions International(CSI) to distribute their On-Q MIS banking solutions on a global basis.
Kindle Banking Systems, specialists in the design, development and implementation of banking software, has signed an agreement with Computer Solutions International(CSI) to distribute their On-Q MIS banking solutions on a global basis. Through the agreement Kindle – a division of the software giant Mysis —will make CSI’s On-Q MIS solution available to its banking customers.
According to Martin Dolan, Marketing Manager of Dublin-based Kindle, On-Q—a multi-currency MIS system that accurately and consistently measures the profitability of products, customers, account managers and organisational units—will be offered to some of the largest of its 200 banking clients who are currently using Kindle solutions in between 3,000-4,000 sites worldwide.
“The challenge facing all banks is how to control the cost of their front and back office operations to provide good value and efficient services to their customers and at the same time providing a good return to the banks. On-Q enables banks to assess the income and the cost of each individual product—if you don’t know the income and cost of a product, you can’t determine whether it’s profitable,” explained Mr. Dolan.
Using On-Q, banking services can be viewed in different dimensions such as Line of Business, Assets and Liabilities, and fees-based or spread-based products. Income issues, such as Current Account set-up in Bankmaster, can be viewed as a catalyst for a number of fee-based services such as standing orders, remittance, Chaps, Foreign Exchange and cash management.
CSI’s installations of On-Q have shown that within two months of operation, a bank can get as high as 80% of its MIS requirements. An early customer to use On-Q was ABN AMRO Bank London Branch. Within three months of procuring the software, On-Q was producing name by name income portfolios that were then submitted to the account managers to check for consistencies.
“Now ABN AMRO has a clear understanding of the business and can be sure of its income by customer and by product. We can now look at completely controlling future performance,” said financial controller Ian Measor.
Investment houses are gradually moving into the world of CRM where banks are using data from across their organisations to profile their customer bases. Cecilia Masters, Managing Director of London-based CSI explained what the new product will mean to banks. “An in-depth awareness of customer and product profitability means understanding the source of the organisation’s wealth. Enhanced customer value will lead to enhanced shareholder value. An organisation should routinely measure the performances of its customers and organisational units against strategic objectives and the marketplace. But despite this ‘global’ feel, few are actually able to act globally. Many find that their customers know more about what fees they pay to the bank globally than the bank knows about the value of these customer to them—not a good situation to be in.” On-Q will rectify that.