Allied Irish Banks (AIB) is the Ireland’s largest bank and is critical to the growth of the country. The bank offers retail, business and corporate banking and aims to deliver a more resilient platform to provide much richer lending capabilities in a more digital fashion to its customers. This is why AIB defined a core strategy to tackle its core modernization. The bank decided to replace its complex, slow, and costly legacy core banking applications with Temenos core banking platform. The goal of the program is to consolidate multiple legacy core banking systems onto one market-leading platform surrounded by an API-driven architecture.

Pat O’Sullivan, CIO Business Platforms explains: “With Temenos, Allied Irish Bank is working to streamline business credit onto a single platform to deliver a modern, flexible solution that will provide business credit capabilities to all AIB’s customers. With Temenos, we are consolidating disparate systems, and removing complex, manual processes, which in turn reduces cost, and it enables us to rapidly respond to our customer demands and enhance our service. This is one of the most fundamentally important and strategic programs underway at AIB and is at the center of our ambition to transform the bank.

“Referenceability was key for us. We wanted a product that was proven in a similar size bank in Ireland using the capabilities that we were going to use and we got that from talking to some of Temenos customers. Secondly, we understood from these customers that Temenos really works with you to overcome issues to hit their dates, and in a large program that’s really important that you can be dependent on your vendor.”

Paudie Bell, Head of Core Transformation at Allied Irish Bank

AIB chose Temenos because of the referenceability of its core banking in the marketplace, the functionality, and the very rich and very flexible product capability that would work to bridge any gaps. The first phase of the 4 years modernization project is related to the business and corporate accounting. AIB went live with Release One for Bilateral Loans 11 months after signing. AIB current focus is on SME lending and delivering a very rich end-to-end digital product for their customer. In 2024 and 2025, AIB will be more involved in corporate syndication to deliver rich financial capabilities to its customers with the support of Temenos.

“For us culture, and basically making sure a program’s purpose resonates with all the people involved, I would call out as really critically refreshing in our experience with Temenos. The culture of the team that Temenos has, working with us, is impressive.”

Pat O’Sullivan, CIO Business Platforms at Allied Irish Bank