The financial services, telecommunications and utilities solutions provider has rolled out its Smart CIT secure logistics and cash management solution for its first major customer Tenaga Nasional Berhad (TNB) to enhance process efficiencies and reduce up to 33% in overall processing costs.
The Smart CIT platform combines conventional CIT services with cutting-edge IoT-based secure logistics solution that provides TNB with a real time dashboard view of critical management information on collection schedules, balancing and reconciliation.
On top of that, it enables user to gain insight on cash flow and use analytics-based engines to manage cash cycles for better liquidity.
Smart CIT is capable of deploying ink-staining technology to protect the cash-in-transit as an added-safety measure. In the event of an attempted theft, the technology splashes indelible ink on the banknotes, rendering them permanently unfit for future use.
OpenSys targets to complete the rollout of its Smart CIT solution across all 114 TNB retail outlets nationwide in the first quarter of 2022.
On another front, TNB has renewed its service contract with OpenSys, that is for the later to provide bill payments via kiosks for a three-year period.
The value for both these services totals RM43 million and is expected to contribute positively to the Group’s financial performance for<br>the financial years ending 31 December 2022 to 2024.
“As an all-win solution, Smart CIT aims to secure that ideal balance for large corporations in improving their productivity levels while optimising operating costs. Beyond day-to-day duties, Smart CIT provides forward-thinking customers with an Artificial Intelligence-powered engine to harness even more insights to guide future strategies and decision-making, and thus potentially increase service levels and efficiency,” said Mr. Luke Sebastian, Chief Executive Officer of OpenSys Technologies.
According to OpenSys’ internal market research, the CIT market in Malaysia has an estimated total market value of RM768 million, with current participants made up primarily of financial institutions and large corporations.
As most large entities engage dedicated security firms to carry out conventional CIT operations on regular basis, the high costs are often a deterrent to small-medium enterprises (SMEs) to adopt the same, leading to high safety risks on business owners and customers as cash deposits are often conducted manually.
“For this reason, we are targeting two main customer segments for Smart CIT: the financial institutions or large corporations who would benefit greatly from a highly-visible and intuitive platform, as well as SMEs who would now be able to enjoy efficient and safe CIT processes at a fraction of the costs for conventional CIT,” Sebastian elaborated.