Recently, Sterling achieved a historic milestone by transitioning to the continent's first indigenous core banking solution, known as SeaBaaS by Peerless. This advancement establishes Nigeria as a frontrunner in digital banking, powered by local expertise and innovative technology.
This significant development concludes the implementation process that was communicated to customers in August 2024. The newly integrated system utilizes sophisticated data analytics and Artificial Intelligence, facilitating quicker and more intelligent financial services, thereby improving customer experience and operational efficiency.
Sterling Bank places innovation at the core of its operations. This commitment has led the financial institution to pioneer the adoption of SeaBaaS (Secure, Efficient, Agile Banking as a Service).
This groundbreaking platform represents a substantial leap forward, not only for Sterling but also for the wider Nigerian financial services industry, propelling institutions towards a more self-sufficient and technologically advanced future.
SeaBaaS is an advanced core banking system that leverages state-of-the-art technologies, including microservices architecture, cloud-native infrastructure, open APIs, and AI-driven analytics.
This represents a substantial progression in its technological journey, aimed at enhancing customer experience through a robust, resilient, and secure framework.
Fostering a Technology-Driven Economy
The implementation of SeaBaaS is not merely a strategic move for Sterling; it is an initiative that benefits the entire Nigerian economy. By opting for a locally developed platform, the financial institution contribute to improving Nigeria’s balance of payments and encourage the generation of intellectual property within the nation. This positions Nigeria as a net exporter of technology, fostering innovation, creating employment opportunities, and reinforcing the technology ecosystem, which is essential for sustainable economic development.
Transitioning from Non-Domestic Core Banking Systems
The shift to SeaBaaS from non-domestic core banking systems has allowed the bank to address numerous challenges that previously impeded its operational efficiency and responsiveness to local market demands:
- Limited Customization and Market Fit: Foreign systems often lack the flexibility to adapt to local requirements, leading to a generic approach that doesn’t fully address the unique needs of Nigerian customers.
- Dependency on External Support and Slow Resolution Times: Non-domestic platforms require reliance on support teams in different time zones, causing delays in resolving issues and impacting operational efficiency.
- Lack of Control Over Updates and Features: Non-domestic platforms dictate the timing and nature of software updates, which may not align with local market demands or regulatory needs, slowing down our innovation.
- Integration and Ecosystem Compatibility Issues: Integrating non-domestic systems with local infrastructure can be complex and time-consuming, limiting our ability to partner with local technology providers and leverage local innovations.
- Vendor Lock-In and Reduced Agility: Non-domestic platforms often create vendor lock-in, reducing flexibility and limiting the ability to quickly switch providers or adapt to new opportunities.
Reasons to Choose SeaBaaS
The decision to transition to SeaBaaS was driven by its tailored approach to meet the needs of local financial markets. The financial institutions will benefit from the following offerings provided by SeaBaaS:
- Stability and Predictable Costs: Paying in local currency shields us from FX volatility, ensuring predictable costs and more effective budgeting and growth.
- Enhanced Customization and Control: SeaBaaS provides the flexibility to tailor services precisely to our market’s needs, allowing us to offer more personalized and relevant banking solutions.
- Compliance and Data Sovereignty: As a locally developed platform, SeaBaaS complies fully with Nigerian regulations and keeps sensitive data within the country, ensuring data privacy and building customer trust.
- Faster, Localized Support: With local development and support teams, we can resolve issues swiftly, minimizing downtime and enhancing the customer experience.
- Integration with Local Ecosystems: SeaBaaS seamlessly integrates with local third-party applications and services, allowing us to maximize partnerships and innovate continually.
Opting for SeaBaaS not only improves operational efficiency and delivers superior banking solutions to customers but also represents a strategic investment in Nigeria's future. "Utilizing a domestically developed platform allows us to circumvent the volatility of foreign exchange rates, thereby enhancing financial stability for Sterling and potentially increasing returns for shareholders."