GIEOM won praise and new customers at SIBOS DUBAI by showcasing its Version 4 of their award winning software. GIEOM is now one of the top 6 innovations in Banking technology in the world as endorsed by SWIFT's Innotribe start-up challenge.
GIEOM was selected as a finalist at the SWIFT Innotribe Startup Challenge Regional Showcase to compete at Sibos 2013 in Dubai. GIEOM competed against 13 other start-ups, and delivered a compelling pitch to an audience of the financial industry’s leading angels, VC’s and decision makers, held at InnovFest 2013, on May 16, 2013.
GIEOM, the only company from India that got this recognition, will now advance to the Innotribe Startup Challenge final to be held at Sibos, SWIFT’s annual conference, in Dubai in September, to compete against finalists from the London and New York Showcases.
GIEOM has been selected as a semi-finalist of the Innotribe Startup Challenge, honouring the company as one of the most promising financial technology and financial services start-ups.
On 16th May, GIEOM will compete against 4 other growth-stage innovators at the Innotribe Challenge Showcase in Singapore.
GIEOM will pitch its original business ideas to a panel of the financial industry’s leading angels, VC’s and decision makers. The winners of the Singapore showcase will go on to compete against the winners from New York and London in the grande finale at Sibos, SWIFT’s annual
conference, in Dubai in September.
The bank was moving from a highly decentralised environment to a centralised one, so the pending changes for the staff and their day-to-day operations were drastic.
"We had to teach people everything, starting from how to log into the system," said Sujatha Mohan, Ratnakar's senior vice-president.
She is complimentary of the work done by Gieom in this area, with its established methodology and user-friendly visual presentation and material.
"Banks have to compete harder, innovate faster, execute better and respond with greater agility to new opportunities. The way banks respond to challenges will determine, to a large extent, whether they emerge and stay as the new leaders or are relegated to secondary positions with
diminished market shares and valuations", says Advait Nene, Director - Business Development, GIEOM
"Some of the leading players are adopting strategies based on using the traditional tools in a new and more effective
way that technology now supports, using more focused interventions for significant performance improvement.
This seems to be paying off as seen from gains across areas such as increased market position and positive peer
group assessment, better staff engagement and morale, increased productivity, compliance, revenue growth and profitability", he says. Read More...
To manage the significant staff training aspect of their core banking project, IndusInd bank has been one of the pioneers with a remote testing tool from a fellow Indian company, Gieom.
Head of solution delivery, Mridul Sharma, says: "While putting together a plan, it's very clearly thought that there would not be the time nor the budget to move everyone for face-to-face training. Secondly, we didn't think that the classroom option was the most effective."
Using the Gieom suite, the bank can deliver much more intensive user-based training, which is more controllable and distributable. Staff can use this at home and in the office.
What is driving Africa’s need for transformation of core banking systems?
The key drivers for core banking systems transformation differ across the regions of Africa. In a recent interview, John Santhosh, founder and Evangelist of GIEOM shared his observations with Technology Banker.
While there is a variety of transformation and modernization solutions available to African bankers, Santhosh believes that once they have achieved the base level of automation process they need to move towards studying the operational aspects and analyze areas of simplification, standardization and consolidation which will lead to improvement and innovation.
GIEOM, an India-based business transformation specialist, was called in to help with the change management process.
Specialist input from GIEOM was very useful. 'Change management is never easy, as you have to convince people to abandon old practices and learn new ones. Thus, it was very important to have enough trained people on the ground, to explain, assist and ease the pains of transition', emphasised Arnold Ekpe, CEO of Ecobank. Flexcube experts were also required on location to check the quality of the installed software.
John Santhosh, founder and 'solution evangelist' of GIEOM, claims that adoption of a new core banking system by business users could be so much smoother if transparency and communication are given a central role in the implementation project.
Santhosh argues that in the conventional approach there is often an issue of availability of trainers with a full understanding of the new IT system. End-users, he adds, 'will also tend to forget various system operations once they go back to work after training'. His firm belief is that the intellectual property of the bank 'is not inside the core banking system, but in how the core banking system is used'.
Through the use of GIEOM’s graphical interface, employees were able to better understand how the new system works in relation to their unique job responsibilities, by using screen shots, simulated settings and detailed business paths of banking activities.
A scorecard mechanism was also custom built for MCB, helping the Bank to assess employee understanding and promote bankwide adoption of the new core banking system.
As a result of their involvement in the project, GIEOM’s platform enabled 1600+ MCB employees to successfully transition to the new system in record time.