Creating a Future-Ready Banking Ecosystem
Introduction
At Sterling, innovation is at the heart of everything we do. That’s why we took the lead in adopting SeaBaaS (Secure, Efficient, Agile Banking as a Service).
This innovative platform represents a significant step forward, not just for Sterling but for the entire Nigerian financial services sector, paving the way toward a more self-sufficient, technology-driven future.
What is SeaBaaS?
SeaBaaS is our new advanced core banking system, utilizing cutting-edge technologies such as microservices architecture, cloud-native infrastructure, open APIs, and AI-driven analytics.
It is a major leap in our technological evolution, designed to enhance customer experience through its robust, resilient, and secure infrastructure.
Building a Technology-Driven Economy
Adopting SeaBaaS is more than just a strategic decision for Sterling; it’s an initiative that positively impacts the entire Nigerian economy. By choosing a platform that is developed locally, we improve on Nigeria’s balance of payments and foster the creation of intellectual property within our borders. It positions Nigeria as a net exporter of technology, driving innovation, creating jobs, and strengthening our technology ecosystem, which is vital for sustainable economic growth.
Moving Beyond Non-Domestic Core Banking Systems
Switching to SeaBaaS from non-domestic core banking systems has enabled us to overcome several challenges that hindered our ability to operate efficiently and respond swiftly to local market needs:
- 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.
Why We Chose SeaBaaS
We chose to change to SeaBaas because it is specifically designed to cater to local financial markets. SeaBaas will deliver the following to our bank:
- 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.
Economic Benefits of SeaBaaS
Choosing SeaBaaS does more than enhance our operations and provide our customers with top-tier banking systems—it’s a smart investment in Nigeria’s future. By using a locally developed platform, we avoid fluctuating foreign exchange rates, bringing financial stability to Sterling and potentially boosting shareholder returns.
SeaBaaS also keeps money within Nigeria, supports local talent, and builds a self-reliant tech ecosystem. This makes Nigeria a leader in tech innovation and exports, paving the way for a strong, sustainable economy.
Got Questions About SeaBaaS?
SeaBaaS is Sterling’s new core banking application, developed specifically for the African market by Peerless. SeaBaaS provides a stable, reliable, and flexible platform that supports local economic growth and innovation.
SeaBaaS allows us to pay in Naira, insulating us from fluctuating FX rates and ensuring predictable expenses. This stability is key to effective budgeting and planning.
SeaBaaS offers superior customization, control, and local support, which non-domestic systems lack. This enables us to provide more relevant and responsive services without the high costs and delays associated with non-domestic platforms.
Its modular design allows for quick implementation of new features and updates, fostering continuous innovation and scalability to meet evolving customer needs.
Absolutely. SeaBaaS incorporates advanced security measures to protect customer data and ensure system integrity, providing peace of mind for our customers.
By developing a locally owned platform, we support the growth of Nigeria’s tech sector, reduce economic outflows, and contribute to making Nigeria a net exporter of technology.
Sterling and Peerless are committed to the continuous improvement of SeaBaaS. As its first and primary user, Sterling provides ongoing feedback to ensure the platform evolves to meet the needs of our clients and the market.
Join the transformation with SeaBaaS
We encourage you to explore how this unique platform can help you achieve your growth goals while contributing to a stronger, more innovative Nigerian economy. Join us!
