Newly-appointed Bank South Pacific group chief executive, Robin Fleming (left) with BSP country manager in Fiji, Kevin McCarthy during a press conference in Suva yesterday. Photo: PAULINI RATULAILAI
By RACHNA LAL and RANOBA BAOA
Bank South Pacific (BSP) has indicated significant capital investment plans in its core banking system in Fiji.
This revelation was made by newly-appointed BSP group chief executive, Robin Fleming, during a press conference yesterday.
Mr Fleming told journalists the decision finalising the details of this investment would be confirmed when the BSP board are in Fiji on July 26.
“We will have the board here on July 26 and a decision will be made in respect for our core banking system to commit to that capital expenditure,” he said.
Mr Fleming said this would be a key systems upgrade for Fiji as the system they currently have is from the old Colonial National Bank which is extremely outdated and almost redundant.
He said the core banking system upgrade would essentially benefit customer-interaction with the bank amongst other benefits.
“This will be a significant change to the way business is done in Fiji and a very critical project which will take two and a half years,” he said.
Introducing products quicker
Mr Fleming said such core banking system upgrade in Australia has meant banks there now have the capacity to introduce new products far quicker.
“They can now introduce new products within a week. For us to introduce a new product, it takes six to nine months,” Mr Fleming said.
New products soon
Mr Fleming also highlighted plans by BSP to launch a new product called the ‘Easy Go’ which will only have a fee if you transact.
“One of criticisms from people in the rural areas is that their incomes are more sporadic,” he said.
“They hate to see their monthly balance get subtracted because of fees and see their balance go down until they can’t actually transact from their accounts.
“This account will have no monthly fee and you’ll only pay a transaction fee when you actually transact. So we think that it’ll be a very appropriate product for that area.”