RACQ is the world’s first automobile club to launch banking products alongside its core insurance and roadside assistance services. To rival the customer experiences offered by more established competitors, RACQ Bank selected Temenos digital banking solutions. The Temenos platform will enable the bank to develop a fast, simple, and easy-to-navigate digital onboarding and account opening process for its retail products that customers can access using their preferred devices. RACQ Bank will also be able to gain insights into how customers interact with the service and make continuous improvements to ensure a frictionless experience.
Resource Type: Success Story
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
At a Glance
● Quick client onboarding powered by Temenos Wealth Front Office
● Improve operational cost-efficiency and free more time for commercial activities
● Best private bank in Belgium by Global Finance Magazine in 2018
As economic growth in the eurozone remains sluggish, banks are under pressure to protect their margins. Enabling employees to focus on commercial work can be a powerful way for financial services organizations to add value-but repetitive, time-consuming administration tasks can be a significant drain on productivity.
Maximizing operational efficiency is a key goal for ING Belgium, a fully owned subsidiary of ING Group. Part of a leading European retail and wholesale banking group, ING Belgium manages assets totaling around €4.7 billion and employs 8,200 people.
Private banking for High Net Worth Individuals (HNWIs) is an important component of ING Belgium’s business. In the past, onboarding new HNWI clients relied heavily on manual, paper-based workflows. Employees re-keyed data collected from new clients into the relevant middle-office systems for processing and approval—a time-consuming process. The bank saw an opportunity to reduce the time it took to activate new clients by eliminating these manual steps.
Enabling Cross-Border Collaboration
A cross-border organization, ING Belgium’s operations are closely integrated with its sister company ING Netherlands. To enable higher levels of efficiency, the organizations decided to standardize on a single core banking platform for both retail banking businesses.
As part of the standardization initiative—named Unite—ING Belgium saw an opportunity to digitize and automate private banking workflows for both countries. As well as offering relationship and portfolio managers a digital onboarding workflow for new clients, it could free the middle office from data-entry tasks.
Marc Vanvilthoven, Product Owner at ING Belgium, comments: “We were confident that implementing digital workflows for our employees would significantly shorten our time to market for contract activation. Crucially, process automation will allow our middle office to focus more on commercial work for the private banking business.”
Embarking on a Digital Transformation
ING Belgium has been using the Temenos investment management platform for more than 20 years to help its portfolio and relationship managers serve their HNWI clients effectively. To build on its success using Temenos solutions, the organization decided to enhance and extend the platform.
Temenos Wealth is well-suited to managing our discretionary and advisory business, but it is also extremely versatile. For example, when the Markets in Financial Instruments Directive [MiFID] came into force, we were able to roll out the solution to our retail banking business to support the new regulatory requirements.”
Marc Vanvilthoven, Product Owner at ING Belgium
Following a successful proof-of-concept exercise, ING Belgium began its digitization initiative for private banking. Powered by Temenos Wealth Front Office, the new way of working will enable employees to onboard clients faster.
ING Belgium is now in the first phase of the project, which involves migrating from its legacy Sybase platform to Oracle Database, which is the current ING corporate standard. For the retail banking division, the project will finish when the organization deploys Temenos Wealth on the new, unified platform for the Belgium and Netherlands businesses. For private banking, the project will continue with the development of automated workflows for its front-of-house and middle-office employees.
Building a Strong Partnership
As it forges ahead with its digital transformation, ING Belgium is collaborating closely with Temenos. In addition to helping the bank achieve a smooth migration from Sybase to Oracle, Temenos helped the bank transition from an on-premises data center to a private cloud environment. The move enables ING Belgium to realize significant reductions in costs and avoid capital outlay on server, storage, and networking infrastructure.
By partnering with a leading enterprise like Temenos, we benefit from their substantial investment in support, research and development. Even though Temenos is a large organisation, we have a direct line to their engineers – so we know that we can get expert technical assistance whenever we need it.”
Eric Mailleux, IT Area Lead, Investments at ING Belgium
Deploying Automated Processes
Today, users in ING Belgium’s private banking business access Temenos Wealth Front Office via a web interface. From here, employees can run crucial compliance processes such as MiFID checks. Soon, the entire activation process for new contracts will be automated from end to end for business users in ING Belgium and ING Netherlands.
Marc Vanvilthoven comments: “By enabling our client and portfolio managers to do more of the client onboarding work directly in Temenos Triple’A Plus, we’re cutting duplicated effort dramatically. Today, our employees can even collect client signatures digitally, which means there’s no need to shuffle paper between different parts of the business.”
Powering Industry-Leading Services
ING Belgium’s digital workflows will improve operational cost-efficiency and free more time for commercial activities. And by enhancing the profitability of its private banking segment, the bank can protect its margins in a challenging economy.
Temenos Wealth offers us the best of both worlds: we can adapt the solution to our requirements without generating unmanageable amounts of custom code. As a result, we’re making the business happy because they can differentiate on the quality and responsiveness of their services. And from the IT perspective, we’re empowering our engineers to develop and deploy new capabilities while keeping technical debt to a minimum.”
Eric Mailleux, IT Area Lead, Investments at ING Belgium
Eric Mailleux concludes: “In 2018, ING was awarded best private bank in Belgium by Global Finance Magazine. Temenos Wealth played an important role in that success, and I would definitely recommend the solution.”
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
Bank of Africa, the third largest bank in Morocco, looked to expand beyond its core market by establishing corporate and trade finance operations in China. To meet the stringent requirements of the Chinese regulators, the bank needed to have the infrastructure to support the new services in place within just six months. To achieve its ambitious plans, the bank worked with expert teams from Temenos to deploy Temenos core banking and Temenos Financial Crime Mitigation. The preconfigured compliance functionality of the solutions ensured Bank of Africa met all regulatory requirements, helping it become the first Moroccan bank operating in China. Bank of Africa is now ideally positioned to facilitate trade between North Africa and the Far East.
As the first Moroccan bank to open in China, this expansion will act as a catalyst for economic relations between Africa and China. As the implementation timeframe was so short, Temenos’ packaged software, Temenos core banking, was vital to our plan. By offering a banking platform that is already compliant with Chinese regulations, Temenos accelerated the launch of our operations in China. Thanks to Temenos’ model bank approach, we obtained a new banking license, and have implemented a new core banking system that meets local regulations while supporting BMCE Bank of Africa’s ambitious growth strategy.”
Said Adren, General Manager at Bank of Africa
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
At A Glance
- Smartphone penetration in Saudi Arabia stands at 88%, almost double the global average
- Ability to launch new locations in just 4 to 6 months with the Temenos solution
- ‘Best Islamic Bank in Saudi Arabia’ in 2014
How can it continue to set the standard for high-quality service with so many nimble new players entering the market? For Al Rajhi Bank, it is a case of continuing to observe its time-honored formula of combining innovation with deep-rooted Islamic values and Sharia-compliant practices.
Since its foundation in 1957, these principles have helped the Saudi Arabian market leader to build combined assets of $90 billion and a customer base of 18 million. Along the way, Al Rajhi Bank has earned international recognition from prestigious publications such as The Asian Banker, as well as being named ‘Best Islamic Bank in Saudi Arabia’ in 2014 by Euromoney.
In early 2018, Al Rajhi Bank began investigating breakthrough technologies like Blockchain and was poised to introduce fingerprint identification and electronic signatures. But it also came to realize that it faced a similar challenge to many banks around the world: aging core infrastructure that threatened to restrict future product innovation.
Overcoming Limitations
In the Saudi banking sector, time to market has traditionally been a major differentiator between the leading operators and those lower down the ranks. To develop, launch and manage its offerings, Al Rajhi Bank relied on legacy systems that had been in place since 1998. While well-suited for the marketplace of that time, the bank realized that continuing with this strategy threatened to limit agility.
A spokesperson at the bank, explains: “We operate in a crowded market, where many banks offer similar services and look to seize first-mover advantage to get ahead. With our legacy systems, we had to perform increasing amounts of time-consuming development work to bring new services to market or adapt to changing regulations, increasing our risk of falling behind.”
Embracing the Digital Revolution
Customer preferences have changed dramatically in recent times in the Middle East, with a steep increase in the uptake of digital banking. Research firm McKinsey discovered that 80% of consumers in Saudi Arabia and the United Arab Emirates prefer to bank online, and half would happily open an account with a digital-only bank. Smartphone penetration in Saudi Arabia also stands at 88%, almost double the global average.
Small digital-only banks and fintechs are already entering the Saudi market with next-generation services, determined to win customers. For established players, the pressure is on to provide engaging digital services to protect hard-won market share. Al Rajhi Bank developed a successful digital presence but wanted to continue evolving its online and mobile services.
A spokesperson at the bank adds: “The majority of our customer transactions are now completed through our digital channels. This makes it vitally important that we continue to enhance the user experience and deliver more innovative, intuitive products. Trying to achieve this by adapting and re-configuring our legacy systems was leading to unsustainable levels of complexity.”
Identifying a Vendor with Strong Islamic Credentials
To continue to thrive in this new banking landscape, Al Rajhi Bank launched a project to transform its core banking platform, issuing a request for proposals to leading international software vendors in mid-2018. After narrowing the search down to a shortlist of four candidates, the bank decided to deploy Temenos Islamic Banking, which provides Sharia-compliant core and digital banking features.
Of all solutions we considered, Temenos offered the most comprehensive set of Islamic finance capabilities. We also noticed that many other leading banks in Saudi Arabia, Egypt and the United Arab Emirates run Temenos, which gave us a great confidence that Temenos Could support us with expert resources in our region.”
Spokesperson at the bank
Accelerating Product Development
Working with Temenos, Al Rajhi Bank kicked off the first phase of the implementation process in January 2019. When the platform is fully deployed, the bank will benefit from increased automation, an agile development framework that enables it to bring products to market faster than ever, and the ability to enhance its digital services and respond to changing customer requirements.
We’re excited about uncovering the full value of the Temenos solutions. One of the most impressive things about working with Temenos is the emphasis they place on research and development, delivering new software releases every year. We now have the most up-to-date, cutting-edge banking solutions on the market in our hands, and this won’t change.”
Spokesperson at the bank
Simplifying Expansion
With the Temenos solution in place, Al Rajhi Bank can facilitate the launch of operations in locations beyond the borders of Saudi Arabia. Over the last 15 years, the bank has established 18 branches in Malaysia, seven in Jordan as well as a presence in Kuwait. Temenos Islamic Banking ensures that Al Rajhi Bank can continue this expansion at speed.
A spokesperson at the bank continues: “Building an international presence is a strategic goal for us, but brings challenges in terms of local Sharia customs and other banking regulations. With the Temenos solution providing pre-configured compliance features along with the ability to adapt our existing service offerings in line with local rules, we believe that we can launch new locations in just 4 to 6 months—a tremendous result.”
He concludes: “Today’s fast-moving market presents many challenges, but with Temenos on our side, we are well-placed to win new customers and maintain our hard-won position as a leader. The Temenos solutions will ensure we continue our long and successful history, and continue to deliver a first-class service that meets the needs of modern consumers while staying true to Islamic principles.”
Temenos digital banking platform will enable us to transform faster, drive out complexity and lower our overall total cost of ownership. Temenos has a worldwide reputation for robust, innovative banking software and an extensive presence and commitment in Saudi Arabia. With Temenos we will be able to introduce new and innovative products more quickly and help reduce operational costs, as well as offer a cutting-edge digital experiences to our customers.”
Mr. Waleed Al Mogbel, DCEO at Al Rajhi
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
At a Glance
● Reduce the duration of the close-of-business processes to 2 hours
● Ability to extract daily automated IFRS 9 reports
● Enables the creation of in-depth reports on expected credit losses and asset performance
● Simplifies product development and customization with the latest Arrangement Architecture workflows
Two decades of rapid economic growth have turned Cambodia into one of Asia’s biggest success stories in recent years. While a dynamic retail banking sector has emerged to serve people living in cities, it is the country’s many microfinance institutions (MFIs) that support the rural communities that form the overwhelming majority of the population.
Among the most prominent is Woori Bank, founded in 2003 and one of only seven fully licensed microfinance deposit-taking institutions (MDIs)—meaning it can provide current accounts alongside loans. The MDI pursues a strong pro-poor agenda, offering financial packages that help families save for their children’s education, and providing millions of dollars in loans to help households purchase sanitation products and enable agricultural cooperatives to buy vital equipment.
Woori Bank has won many accolades for social responsibility and financial transparency from leading global development organizations such as the Consultative Group to Assist the Poor (CGAP). And in June 2018, it received another boost as Woori Bank, one of Korea’s leading banks, took over the MDI. As well as continuing its work with Cambodia’s rural communities, Woori Bank is now looking to become one of the major players in the national market.
How to Maintain an Upwards Growth Curve?
With over 60 separate providers, microfinance is a crowded market in Cambodia, and staying competitive is a tough task. For MFIs aiming to remain relevant to customers, there is the temptation to lower interest rates on loans to attract more business, but this erodes profitability. Meanwhile, over-indebtedness among customers is another major challenge and potential curb on growth, especially as financial literacy remains limited in Cambodian society.
Putting in place robust governance structures has therefore been a strategic goal for the government and the National Bank of Cambodia. Over time, they have introduced stronger regulations to align the financial sector with international best practices and accounting standards that require rigorous monitoring of areas such as non-performing loan rates.
The latest step in establishing these solid, sustainable foundations for the sector was the introduction of IFRS 9 accounting standards, which require banks and MFIs to move from reporting on incurred credit losses to expected credit losses. The government set a deadline for all Cambodian financial institutions to comply with the new rules by January 1, 2019.
Tackling IFRS 9 With Temenos
The fast-approaching IFRS 9 deadline posed two significant challenges for Woori Bank. First, the project team had to break down and understand the full requirements of the new regulations. Then, it needed to implement a solution capable of performing the calculations to meet IFRS 9 standards. To achieve these goals, Woori Bank turned to Temenos for an upgrade of its existing Temenos Inclusive Banking core banking systems, including the addition of the new Temenos IFRS 9 module.
Meeting Demanding Deadlines
After kicking off the project in September 2018, Woori Bank gave Temenos and implementation partner MCB Consulting Services Ltd. [MCBCS] just four months to complete the installation. MCBCS took the lead and handled the configuration and testing of the new solutions, with Temenos support. Despite the tight timeframe, the upgrade was ready on schedule and on budget without a single delay.
Mr. Chanveasna Heang continues: “We were extremely pleased with the solution delivery from MCBCS and Temenos. In the past, we have seen many other vendors miss deadlines and exceed budgets. This time, everything ran smoothly thanks to MCBCS’ clear understanding of our requirements and deep knowledge of Temenos Inclusive Banking solutions, and also how technology can truly add as a business enabler.
We recognised the new rules would be a steep learning curve for us but we knew Temenos had a proven track record helping many global banks to achieve IFRS 9 compliance, so they could guide us through the process. When we explored the out-of-the-box solution they were offering, we realized we had found just what we needed.”
Mr. Chanveasna Heang, Head of Projects at Woori Bank
Creating More In-Depth Reports
Using the Temenos module, Woori Bank can now classify its assets as amortized costs or fair value contracts in accordance with IFRS 9 standards before running impairment calculations to determine expected credit losses. By generating reports providing in-depth, forward-looking assessments of asset value within the Temenos solution, the MDI ensures that it can identify and take timely action in the event of non-performing loans.
Without the Temenos solution, we would have to complete the reporting process manually by extracting data from Temenos Inclusive Banking and running the calculations using third-party software, which would take longer and introduce the risk of human error. Equipped with the Temenos IFRS 9 module, we gain the speed and accuracy of automation when preparing our financial reports.”
Mr. Chanveasna Heang, Head of Projects at Woori Bank
Looking Ahead to the Full Benefits of the Upgrade
By upgrading to the latest version of Temenos Inclusive Banking, Woori Bank gained new capabilities that will help it achieve operational efficiencies, improve customer service, and seize a competitive advantage. The MDI has already cut the time it takes to complete close-of-business processes by up to two hours.
Looking to the future, Woori Bank is exploring features within the Temenos solution, including the 360-degree view of individual customer data, which will enable employees to offer more relevant services, and new Arrangement Architecture module workflows that will make it easier to develop and customize new loan and savings products. The MDI is also looking into the Temenos Integration Framework, which it can use to build collaborative projects with partner organizations.
We are excited to learn more about what else we can achieve with our upgraded core banking solutions and hope to attend the Temenos Community Forum to learn more. Working with Temenos is ensuring that we meet our compliance goals and helping us to establish the robust, sustainable business processes we need to bring our services to rural communities across Cambodia.”
Mr. Chanveasna Heang, Head of Projects at Woori Bank
We partnered successfully with
MCB Consulting Services Ltd (MCB Consulting) has been fully incorporated in June 2014 as a wholly owned subsidiary of MCB Group Ltd, the largest financial services provider in Mauritius and increasingly in the region.
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
Since its foundation in 1982, Arab Tunisian Bank (ATB) has carved out a position as a top five bank in Tunisia by offering award-winning retail and corporate products. The bank has recently gone live on Temenos open platform for composable banking looking to transform its banking infrastructure to capitalize on the new digital age. The project’s first phase, which was completed by the implementation partner, Information Technology Solutions and Services (ITSS), included Temenos Banking Capabilities for Accounts, Lending, Deposits and Financial Crime Mitigation.
The initial phase of the transformation of its core banking systems for retail and corporate business lines with Temenos frees the bank from legacy constraints to accelerate product delivery and digital growth. The second phase of the implementation includes Temenos Banking Capabilities and pre-composed Banking Services for Digital Banking, Payments and Enterprise Risk Management. On Temenos open platform, it aims to differentiate itself in the market as a customer-centric bank through technology and innovation. Leveraging the platform’s core and digital banking capabilities to power new growth opportunities, drive efficiencies at scale, and deliver seamless customer experiences.
We are delighted to complete the successful migration of our retail and corporate banking customer accounts to the Temenos Core Banking Platform. This go-live is a major step forward in the bank’s strategic roadmap and to further develop the digital transformation. A modern, agile banking platform is vital for developing distinctive products and services and adapting to changing customer expectations and market evolution. Temenos gives us that agility we need and future-proofs our technology infrastructure to grow sustainably and tap new growth opportunities.”
Ahmed Rjiba, CEO at Arab Tunisian Bank
ATB is a mid-sized universal bank serving retail, SME and corporate customers with a staff of 1,300 and 134 branches across the country, In 2017, the bank was also awarded the “Best Commercial Bank in Tunisia” by Global Banking & Finance. With demand for online and mobile banking rising rapidly in North Africa, Temenos’ next-generation platform, built on microservices and APIs, will allow ATB to quickly and sustainably scale its business. Cloud-native and with an ecosystem built around it, the Temenos platform also enables ATB to open up to fintechs and the possibilities of new business models in the future.
We partnered successfully with
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
Vista Bank is bringing a fresh approach to the African banking sector. To appeal to customers ranging from individual consumers to small and medium-sized businesses, Vista Bank set out to create innovative, user-friendly digital banking services. To realize this vision, the bank deployed Temenos core banking and Temenos digital banking—providing an integrated ecosystem of core banking, analytics, payments, and digital solutions. With the scalability and pre-configured local best practices of the Temenos solutions, Vista Bank has the platform it needs to achieve its strategic goal of expanding beyond its core markets in Sierra Leone, The Gambia, and Guinea to build a customer base in 15 African countries by 2025.
I am delighted that through our partnership with Temenos, which leverages their 25 years of industry expertise, we now have the most sophisticated, innovative, cloud-native banking platform.”
Simon Tiemtore, Group Chairman at Vista Bank
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
As its previous banking solutions reached end of life, Coast Capital seized the opportunity to refresh its core environment and introduce more business and product flexibility for its 595,000 members. The credit union—the largest in Canada by membership—deployed Temenos core banking for retail banking, gaining the ability to perform in-depth analysis of customer data that would shape its growth. Armed with deep insights into member preferences, Coast Capital is rolling out more personalized services, ensuring greater customer satisfaction today and in the future.
Jeff Wong, Chief Business Transformation Officer at Coast Capital Savings
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
ACLEDA started life providing credit to small and medium-sized businesses operated by victims of war in Cambodia. Following a strategic shift, ACLEDA entered the banking market, and implemented Temenos core banking to underpin the transformation. Using the Temenos platform, the bank has developed retail services including loans, online accounts, cash management and trade finance. These packages have won ACLEDA the status of Cambodia’s leading commercial bank and enabled international growth in Laos and Myanmar.
Temenos is the software company that invests on R&D that can help any kind of their clients from microfinance, retail banking and corporate banking and drive them into a competitive market.”
Sokleng Meng, VP & Deputy Head of IT Division at Acleda Bank
RACQ Bank
How a first-of-its-kind bank ensures speedy customer onboarding
Brisbane, Australia
At a Glance
● 50% reduction in time required for end-of-day processing
● Achieved a 200% uplift in mainstream core processes
● 6 months to upgrade the solution supporting loans, bonds, and deposit operations
● Improved currency management and distribution across banks
The State Bank of Pakistan is a critical hinge in the country’s financial system. As the nation’s central bank, it holds responsibility for securing economic stability through the regulation of monetary and credit systems while aiming to encourage economic growth and development. Achieving these goals means the bank requires the most reliable, advanced infrastructure—and, as 2015 came into view, it decided the time was right for a comprehensive update of its core systems.
Since 2000, the State Bank of Pakistan has been using Temenos Solutions, when it implemented two instances of Globus G11 software—the forerunner to Temenos core banking—one for its currency operations, and another for its banking functions. But as time and technology moved on, the bank realized it needed a more open architecture to support greater integration with other systems.
The Upgradability Business Model
Impressed with the latest Temenos software release, the State Bank of Pakistan decided to upgrade from Globus G11 to Temenos core banking R15. But this created a new challenge, as while the bank had been using the older solution, the Temenos software had undergone a complete re-architecting, with major functional changes. In effect, the State Bank of Pakistan was looking to skip 15 years of new releases in one go.
Luckily, the bank discovered it could take advantage of flexible upgrade paths engineered by Temenos.
The bank had a very demanding request, but the Temenos platform has the built-in functionality to accommodate this. At the program level, we could upgrade rather than replace code, and instead of migrating data, we could convert it. The Temenos philosophy of ‘designed for upgradability and change’ holds true.”
Ammara Masood, CEO and President at Systems
Managing Business & People Change
At the outset, the State Bank of Pakistan identified managing and mitigating risk as the main requirement for the implementation strategy for the upgrade project. The bank did not simply approach the changeover from a narrow technical viewpoint, but more importantly, realized there would be major implications from a business process and people change management perspective.
To smooth the 15-year release jump, the State Bank of Pakistan decided to perform the upgrade in two stages back-to-back, with each upgrade a big bang in itself. In the first step, it would upgrade the Globus instance for its currency operations, along with the underlying hardware and operating systems, to a more open environment. One of the key objectives of the first upgrade was to gain knowledge and build experience to make the second implementation a simpler task.
Valuable Lessons Learned
The value of this staggered approach was clear by the end of the project: while the first upgrade took 12 months, the bank completed the second—for the solution supporting its loans, bonds and deposits operations—in just six months.
The implementation highlighted several lessons for people and business change management. Firstly, training and face-to-face support for users was vital to build up their knowledge of the systems and familiarise them with the new processes. Also, data cleansing before the upgrade, along with extensive and exhaustive testing, was hugely important to the success of the project.
By completing multiple rehearsal activities, the bank could maximize user involvement and seize the opportunity to verify data following each run-through. This rigorous approach also enabled the bank to establish processes for robust issue tracking and rapid resolution of major issues encountered during testing.
Key Benefits of the Upgrade
Although running upgrades is often regarded as simply an IT and technical exercise, State Bank of Pakistan recognized that the project would be vital to its overall operations and open the door to continuous business process improvements. Senior executives across the bank monitored progress, provided constant support, and ensured the upgrade investment plans aligned with the expected outcomes.
With the R15 Core Banking solution, State Bank of Pakistan enjoys improved scalability, integration and overall systems performance, along with simplified access to new product updates and periodic fixes. New functionality available to the bank includes role-based dashboards, process workflows, and workflow user events.
These new features, together with other enhancements, have led to greater operating efficiency and productivity, including a 50% reduction in time required for end-of-day processing. The solution also keeps the bank up-to-date with the latest SWIFT messaging standards and global financial regulations.
From the IT perspective, the new Temenos solution is much simpler to maintain and manage, helping the bank to achieve greater product innovation, flexibility and configurability. By moving from a version based on a client-server architecture to the browser-based R15 solution, employees also enjoy easier access, especially those working in the bank’s 16 field offices.
Together, these business and technical improvements will eventually result in reduced total cost of ownership of software and hardware, which will in turn provide additional resources for State Bank of Pakistan to invest in more platform enhancements.
We partnered successfully with
