Victoriabank to drive experience-driven banking with Temenos
Victoriabank expands relationship with Temenos to include Analytics platform
GENEVA, Switzerland – October 26, 2017 – Temenos (SIX: TEMN), the software specialist for banking and finance, and Victoriabank announce the successful completion of the implementation for Temenos Analytics. Armed with the Advanced Analytics Platform for Retail and Financial intelligence, Victoriabank is now able to use this technology to take advantage of their most powerful asset – data. Supporting the implementation, Foranx LLC Belarus ran the project, collaborating with Temenos experts to launch the first-ever CIS customer to go live on the Analytics platform.
Foranx has partnered with Victoriabank throughout their journey with Temenos, since they began the implementation project for Temenos’ Core Banking platform, which was completed in 2015. Temenos now powers its operations across its deposit and credit lines of business, as well as stores its account and customer information. Victoriabank took a big bang approach, partnering with Foranx and Temenos to completely replace its legacy technology in all 34 branches as well as their head office.
In 2016, Victoriabank chose to extend their relationship with Temenos to include the Analytics platform, as a natural progression of its goal to understand and expand customer relationships.
Lilian Semionov, Director of IT, Victoriabank stated:
“With 34 branches now, and 70 agencies across Moldova, we take our relationships very seriously. As we’ve continued to make technology enhancements to drive the optimal experience, the next step was clearly to invest in technology that would give us insight into those relationships. We are pleased to expand our relationship with Temenos to include the Analytics platform.”
Noah Kraehenmann, Director of Sales, Temenos:
“The challenge many banks face today is having a black hole of data, and no capability to sort through it and use it to take action and drive a customer-centric strategy. With fintechs disrupting the industry, this data is one of the strongest competitive edges that banks have left, and it is vital that they capitalize on it. With the Advanced Analytics Platform, Victoriabank will be able to harness their data and transform it into valuable business intelligence to support decision-making and enrich the customer experience.”
Sergey Nosan, Chief Executive Officer, Foranx:
“We’re proud to have supported Victoriabank through their core banking implementation and as they continue to expand with new technologies. Our goal is to make the implementation go as smooth as possible – we were able to deliver the original project on-time and within budget, and we’re thrilled to see this reach successful completion as well.”
CB Victoriabank is the first commercial bank from Moldova, founded in 1989 and based in Chisinau, which offers all kind of financial services to retail and corporate clients. It offers various deposit products, including demand and term deposits, as well as deposit with zero initial balance, superflex cash deposit, deposit on the multifunctional card, and safe boxes. Moreover, the bank provides escrow services, as well as salary cards, credit on the multifunctional card, multifunctional banking card - Visa or MasterCard and card constructor. It also offers fast and wire transfers, currency exchange services, opening and maintenance of current accounts, scheduled payments to facilitate the process of payment for utilities, mobile and Internet, nominal holding of securities services, investment consulting services underwriting service, brokerage services on the state securities market and on the stock exchange market. In addition, Victoriabank provides insurance products, such as medical, accident, legal assistance, luggage, and insurance for trip cancelling. As of December 31, 2016 it has 34 branches and 70 agencies.
About Foranx LLC
Foranx LLC has been working at IT- market (automation of financial institutions and consulting services) since 2004. The core activity of Foranx LLC includes development, implementation and support of automated banking systems (development of own software, localization, implementation and support of partners’ software). Foranx LLC has signed the partnership agreement with Temenos according to which the Company has the right to participate in Temenos Core Banking system implementation projects as a prime contractor.
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com.