GENEVA, Switzerland – FEBRUARY 1, 2022 – Komerční banka – part of the Société Générale Group – has completed the first phase of its core banking system replacement, going live on Temenos Transact in under 12 months with implementation partner, Syncordis. The modernization of its core system constitutes the crucial step in Komerční banka’s strategy to become the digital banking leader in the Czech Republic.
Komerční banka is one of the largest financial institutions in the Czech Republic, providing retail, SME, corporate, and investment banking to more than 1.6 million customers. Temenos’ modern, open platform architecture simplifies and consolidates the banks’ internal IT environment, helping Komerční banka to bring new products and services to the Czech market faster and at a lower cost. The agile platform will help the bank keep pace with customer behavior and rising expectations for seamless digital experiences free from legacy constraints.
The new core banking system provides 24×7 availability, a multi-entity setup, and a modular approach as an enabler for digitizing its business propositions and for offering personalized and flexible products. The existing and new core banking systems will run in parallel for a certain time to ensure a smooth transition and limit operational risks. Komerční banka intends to migrate its entire portfolio to the Temenos system.
In the first phase, Komerční banka went live with customer onboarding and deposit products with integrations to front-end and payment solutions via REST APIs and events. Embracing Temenos’ open platform approach has also enabled Komerční banka to adopt industry-standard components, including an open-source relational database management system (RDMS) for Temenos Transact and deployment in Kubernetes open-source containers.
Margus Simson, CDO, Komerční banka, commented:
“We are delighted to celebrate this key milestone in our journey to building a digital bank founded on modern and open technology infrastructure. Working together, Temenos and Syncordis ensured a successful implementation in record time. The new platform sets us free, opening up new possibilities to improve the service to customers and deliver outstanding digital experiences. This is a big step forward in our strategy to be the leader in digital banking for two million clients by 2025.”
Jean-Paul Mergeai, President EMEA – APAC, Temenos, said:
“This is a fantastic achievement, and congratulations to the team at Komerční banka and our partner Syncordis in successfully delivering this important phase of the project. Banks of the future need to run on modern technology core to remain agile and meet their customers’ ever-increasing demands. On Temenos, Komerční banka is setting a high standard for digital banking in the Czech Republic, delivering more value to customers that will propel its growth ambitions, profitably and sustainably.”
Annick van Wulpen, COO, Syncordis, added:
“Trailblazing digital transformation projects of this scale need committed parties who are willing to work tirelessly, collaborate closely and are dedicated to delivering excellence. Komerční banka’s decision to bank on Temenos’ powerful core banking technology and embrace its possibilities were and are key to this successful implementation. We are proud to be a part of their journey to drive this crucial, strategic investment forward and support the bank in cementing their digitalization leadership in the Czech banking market.