NASSAU, BAHAMAS – Royal Fidelity Group is rolling out a major upgrade to its core banking system, which, according to CEO and President Michael Anderson, will provide a comprehensive suite of services beyond traditional online banking options and is expected to be fully functional within six months.
Anderson told Eyewitness News: “We’ve introduced a new core banking system into RF and it’s across our groups, it’s across the Cayman Islands, Barbados and here and it’s really meant to allow us to grow. So we have this idea, we can now expand our services into those other markets, we can offer a wider range of services than purely what we’ve been doing over the last 27 years.”
He continued: “We’re busy developing a new online platform with a company called ERI as part of the Olympic banking system. I think it’s quite exciting for us to be a part of bringing out this new online capability. We’ll have it probably fully functional I think within the next six months. We’re making inroads on it and we’ll be adding pieces as we go. When we’re finished with that I think it will be far different from what you’ll see in most online banking capabilities around the market.”
The wealth management firm, which has helped clients raise in excess of USD 2.2 billion in capital, has USD 1.4 billion under management and over USD 2 billion in assets under administration, revealed a year ago that it was working with ERI and its Olympic Banking system as part of its digital transformation.
Anderson further explained: “It is a platform where clients can go and transfer money, pay bills and that kind of stuff. All those things will be available but we also offer pension services, and investment services. So instead of just being able to do what a traditional bank online system will do, we also allow people to be able to do the investments online. If you want to do a monthly subscription or change your subscription into a mutual fund or pension fund, you can go to a secure online platform and do that.”
