IPBS is winning more business from Internet enquiries over more traditional means of sales and marketing
Jun 10th, 2001

NASSAU, BAHAMAS - A local company continues to profit from the Internet as increasingly they convert hit’s to their web site for financial services software, into hard business. International Private Banking Systems (IPBS) is writing more business from Internet enquiries over more traditional means of sales and marketing. A recent installation of their IPBS2000 Investment and Global Custody module to a bank in Bermuda is just one of many off-island business successes.

Bruce Raine, founder and president of IPBS says they have an excellent Web Service in 1stNetWeb.com who continually tweak’s their site to ensure top ten listing in the key search engines of the Internet. “It’s not enough just to be on the Internet, you have to understand how to get and stay in search engines so that your site is highly visible,” he explained. Which is why Bermuda Commercial Bank (BCB), increasingly frustrated with their legacy financial services software programme and searching the Internet for something more efficient, easily found IPBS in The Bahamas.

“They contacted us in May and following a live demonstration over the Internet signed a contract for an August installation of our IPBS2000 Investment and Global Custody module,” said IPBS’s Bruce Raine. “Now they’ve just contacted us again for information on our Trust Accounting & Business Administration module. Our Web site brings in very good leads, many of which we successfully convert to solid business.”

The local entrepreneur says he often smiles when he reads in the local press about FTAA challenges and national fear and trepidation of a global economy. “I have survived, indeed thrived, in an open global marketplace with a very complex high technology product that was made in the Bahamas by Bahamians. Bahamians undoubtedly can compete in a world market if they put their minds to it. Its hard work and its not easy but who else has it any easier? Nobody,” commented the software developer.

Victor Farag, general manager of BCB said he researched four or five different options found on the Internet but went with IPBS because of the programmes’ ease of use and overall cost of ownership. “We’re very pleased; so far so good,” he said in a telephone call from Bermuda. Their Global Custody manager, Cheryl Eve agreed and added that a major advantage was the large number of Report options now available to her over the previous system and the short learning curve.

Mr. Raine said the sale represented a good opportunity to re-establish a presence in Bermuda.

“We had a client there in the early 90’s and lost them because at some point in the relationship, we were unable to connect our computer to their computer for support. In those days we offered either a DOS based or a mainframe IBM AS/400 solution. Our solution today is reflective of the advances in technology and so our platform now is totally Microsoft Windows based, with fully integrated functional Modules. Anyway, IBM in The Bahamas and IBM in Bermuda and BaTelCo here and their telephone company there, were unable to resolve the problem – hence we lost the client. That in itself is interesting,” said Mr. Raine, “because ten years later you have the full power of the Internet that would have eliminated that as an issue.”

Bruce Raine said that enquiries for their products seemed to reflect what was happening in the global financial services market place, which currently showed an increase in fund and asset management business and services. He said that Bermuda, although having very few banks, has a huge number of asset management companies for which IPBS’s software is ideally suited. “We hope to leverage the BCB relationship to create more clients in Bermuda. Our General Banking software module is not the cash cow that it used to be but fortunately our other modules are now moving to centre stage. All of a sudden our other modules have become hot items and are driving sales for us.”

Commenting on the September 11th terrorist attacks Bruce Raine said the catastrophe had affected IPBS’s business as so many others. “A total lack of interest in any software - people weren’t even thinking about it, but of late, it’s improved, so although the global economy appears still in disarray, people seem hopeful and are beginning to gear up for the future.

“However, we’re not seeing business from any new banks but rather from older, more established banks reviewing their technology platforms and upgrading with us. Antiquated software is no longer acceptable; everyone’s reaching out to newer more efficient technology.”

Raine says that he is currently dealing with a wide array of good prospects right now in Nassau as well as Bermuda, Grand Cayman, Trinidad and Tobago, London, and New York. “Particularly interesting for us is that we’re seeing first-time serious interest coming out of the domestic US market, as well as other non “offshore centers”, so taken together, it’s all very exciting and we believe bodes well for us.”

--- End