Banking

Security Bank Unveils Major IT Investment in Push for Tech Leadership

In a strategic move to position itself as a technology-enabled bank in the nation, Security Bank is significantly increasing its investment in information technology (IT) and human resources (HR).

Sanjiv Vohra

The bank’s President and CEO, Sanjiv Vohra, emphasised the importance of this initiative in a statement to The PhilSTAR, highlighting that,

“We are in a multi-year phase of investments in technology and people to improve customer experience and prepare us for future growth,”

The bank‘s expenditure on technology, relative to its total revenue, has reached 12.6% in the period from January to September of the previous year. This financial commitment is part of Security Bank’s broader vision to emerge as the most tech-driven bank in the nation within the next two years.

Among its recent initiatives, the bank has implemented a new tellering system across its branch network, including its wealth hubs. This is complemented by the introduction of a new human capital management system, marking significant strides in operational efficiency and customer service. In partnership with ACI Worldwide, Security Bank is also modernising its payments hub, a move that promises to expedite the rollout of innovative products and services.

Lucose Eralil, the Executive Vice President and Head of Enterprise Technology & Operations at Security Bank, detailed several key projects underscoring the bank’s tech-driven trajectory. These include the development of a new enterprise digital platform aimed at offering seamless, omni-channel customer experiences, and the Mosaic Voyager Tellering and Lobby Management System, designed to enhance in-branch customer service.

Lucose Eralil

Furthermore, Lucose elaborated on the bank’s plans for network modernisation, aiming to significantly bolster network resiliency, modernise infrastructure, and enhance security measures. By the first half of 2024, a complete overhaul of the bank’s channel architecture is anticipated, encompassing mobile and web platforms for a broad spectrum of clients.

“This is the journey that we’ve been on from 2022 and with a very clear target by 2025 to change the landscape of how technology use in Security Bank and use it as an opportunity to leapfrog. Not to become like the others, but use the opportunity to leapfrog,”

Lucose said.

Featured image credit: edited from Freepik