Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
Demand for digital banking has surged in Malaysia since the COVID-19 pandemic, as lockdown measures have prevented citizens from accessing branch-based services. To meet the need for easy-to-use online and mobile banking, financial services group KAF planned a new suite of digital lending services. The group will harness the Temenos Banking Cloud to develop and launch new conventional and Islamic financing offerings, including seamless onboarding and origination, and fast, automated loan processing.
We chose Temenos as we needed the agility and speed of a SaaS solution, and only the Temenos Banking Cloud offered the breadth of financial services functionality to meet our current and future needs. Critically, it enables us to bring together digital lending for conventional and Islamic products on a single platform and seamlessly extend to full digital banking services. With Temenos, we will lead the way in bringing new and exciting digital financial products and services to all Malaysians.”
Thariq Usman Ahman, Deputy CEO at KAF Investment Bank
Using the Temenos platform, KAF will be able to innovate quickly and scale efficiently, incrementally bringing to market a full range of digital fund management, investment banking, and stockbroking services. This will help individuals and businesses to rebuild prosperity and recover from the significant economic hardship caused by the pandemic.
The road ahead for Digi Banks
Listen to the conversation with Rafiza Ghazali, Director of Digital Banking at KAF Investment Bank, and host Swapnil Deshmukh, Regional Director for Digital Banking at Temenos talking about the changing bank landscape, customer expectations from digibanks, digibank success, and the partnerships between digibanks and other fintechs.
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
At a Glance
• Number one ranked app for mobile banking functionality available in Ecuador
• 185% increase in user interactions with the mobile app since deployment of Temenos digital banking
• 312% rise in financial transactions completed on the mobile app in the last two years
• Winner at the ‘Financial Innovators of the Americas Awards 2021’ run by Fintech Americas
Innovation and solid, dependable service have earned Banco Bolivariano a position as a top-five bank in Ecuador, with 821,000 customers and USD 4 billion in assets under management. Founded in 1980, the bank initially focused on the corporate and SME sectors, but also now targets the high-net-worth market with retail banking products, including current and savings accounts, credit cards, and money transfers.
Placing digital transformation at the center of its growth strategy, Banco Bolivariano has developed many ingenious offerings. For example, the bank is the only one in Ecuador to offer customers the option to check their online account in seconds using a ‘quick view’ feature. Banco Bolivariano also builds partnerships with leading cloud providers to explore the use of API gateways for potential future Open Banking initiatives.
Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano, explains: “As most Ecuadorian retail banks offer digital services, we use innovation to stand apart with a unique user experience. From using chatbots to adding fresh features to our online banking platform, we aim to make every digital interaction as quick, simple, and frictionless as possible, leaving our customers more time to focus on the things that matter most to them.”
Planning a more intuitive mobile banking experience
Within its digital channels, Banco Bolivariano identified room for improvement in its mobile banking app, known as 24móvil. Previously, the bank used an application from a local external vendor to run, but they needed a provider with a roadmap of innovative and world-class banking solutions. As a result, the app was falling behind the mobile services offered by competitors, and Banco Bolivariano goal is to become the best digital bank in Ecuador.
Gustavo Molina Flores, Chief of IT at Banco Bolivariano, comments: “We were using legacy solutions that needed almost constant updates and large amounts of time-consuming patching. Maintaining compatibility with new releases of mobile operating systems was also very difficult, and we did not have the tools to build and roll out new features quickly to meet evolving customer preferences.”
Setting its sights on delivering the best mobile banking app in Ecuador, Banco Bolivariano planned a new approach. The bank looked for a best-of-breed platform that would deliver leading-edge innovation capabilities, and enable its developers to enhance the user experience, adding features such as seamless onboarding, greater security, and more flexible payments services.
Deploying best-of-breed development tools in the cloud
To optimize its 24móvil app, Banco Bolivariano sought a partner with a proven track record helping major financial institutions to build first-class mobile banking services. A clear solution roadmap was essential, along with sophisticated development tools to improve time-to-market for new features. After assessing available options, Banco Bolivariano chose to deploy Temenos digital banking solution running on the Temenos banking cloud.
Temenos showcased real expertise and experience in digital banking, along with an excellent solution. The development framework in Temenos digital banking was especially impressive, allowing our teams to incorporate pre-built and optimized functionality into our app. Choosing the Temenos banking cloud aligned with our cloud strategy, and enabled us to switch off legacy infrastructure, reducing our costs.”
Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano
Working with Temenos, Banco Bolivariano implemented the solution and recently completed an upgrade to the latest version, as Gustavo Molina Flores explains: “Although a complex process, integrating Temenos digital banking with our back-office and core banking environment was much easier than expected. Since then, the Temenos banking cloud has facilitated upgrades, keeping us up-to-date with new capabilities.”
Building a culture of innovation across the bank
Using Temenos digital banking, Banco Bolivariano developed and launched a range of more customer-centric mobile services. For example, the bank introduced faster and more user-friendly onboarding processes, cutting-edge biometric authentication options, and peer-to-peer payments. Where the bank’s previous mobile solutions stifled innovation, Temenos digital banking enables its developers to reduce time-to-market for new features.
One of the most impressive aspects of Temenos digital banking is the number of functionalities including the depth and breadth of these that are ready to deploy, from security to money transfer services. We can easily customize our mobile app, and create a simpler, more engaging user experience.
Also, high levels of performance and native integration with different operating systems remove many of our previous challenges.”
Kyra Arcia Marcano, Chief of Innovation and Marketing at Banco Bolivariano
The deployment of Temenos digital banking forms part of a much wider emphasis on innovation throughout Banco Bolivariano. Recently, the bank adopted agile project management practices to adapt quickly to changing market conditions and strengthen commercial performance. Banco Bolivariano feels confident that implementing the Temenos solution is supporting the progress of this wide-ranging cultural transformation.
Kyra Arcia Marcano adds: “Across the bank, we are taking steps to move faster and improve our service delivery. We have built a technology ecosystem that helps our development teams to design, test, and launch new products. With its extensive ready-made capabilities, Temenos plays a crucial role in enabling us to turn innovative plans into reality.”
Getting ahead of the competition
With the enhanced 24móvil app, Banco Bolivariano is differentiating itself from market rivals and winning more customers. Their last NPS score was 57 compared to an average of 49 from competitors. User feedback for the app has been highly positive, with an app rating of 4 out of 5 stars on Android and 3 out of 5 on iOS.
In the two years since the project launch, Banco Bolivariano has seen the average number of monthly users of the app rise by 127 percent, total user interactions with the app increase by 185 percent, and financial transactions completed through the app grow by 312 percent.
Today, we are joint-ranked as number one in Ecuador for mobile banking app functionality. With the upgrade of Temenos digital banking, we are confident that we will soon get a step ahead and position ourselves as the outright leader in the market. Before, we risked falling behind our competitors; now other banks look to Banco Bolivariano and try to replicate our approach.”
Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano
Continuing a prize-winning partnership
The project with Temenos has earned Banco Bolivariano widespread praise from across the American financial services sector. Most notably, the bank recently won silver at the ‘Financial Innovators of the Americas Awards 2021’ run by Fintech Americas in the ‘Customer Experience (CX) & Engagement Innovation’ category. Building on this success, the bank is continuing to explore other use cases for Temenos digital banking.
We are now considering how to recreate our first-class mobile banking experience for our corporate clients. Thankfully, Temenos offers an excellent long-term roadmap that helps us to understand where the market is heading, and how we can harness new functionality to stay ahead. Whatever the future holds, we know Temenos will provide the expertise and solutions we need to innovate and succeed.”
Kyra Arcia Marcano, Chief of Innovation and Marketing at Banco Bolivariano
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
United Bank Limited (UBL) is one of the largest banks in Pakistan with 11 million customers. In Pakistan, UBL stands apart as a pioneer of ingenious, user-friendly digital banking products and services. In recent times, the rapidly-growing bank has launched the first digital Islamic bank accounts available in the country, along with a unique mobile payment app. The pioneer in digital banking, UBL is working with Temenos and Systems to further leverage the Temenos platform to provide an integrated, digital experience for all retail and corporate customers, covering the entire customer lifecycle from onboarding and origination to servicing.
UBL has gone live with Corporate Lending on Temenos digital banking platform as part of a comprehensive digital transformation of the bank’s retail, SME and corporate banking for domestic and international customers on the Temenos platform. Temenos Digital Banking is the leader in driving customer acquisition and digital banking engagement with its scalable platform, deep analytics, and AI scoring models. The platform enables banks to increase digital revenues and reduce customer onboarding time significantly. The go-live covers loan originations to five segments, including large conventional banking corporates and group companies, Islamic banking corporates, Agri enterprises, Financial Institutions and Small & Medium Enterprises.
We are delighted to go live with corporate lending on Temenos digital banking platform. The solution enables us to elevate the digital experience for corporate customers and achieve operational excellence, helping us to increase customer satisfaction and drive revenue growth. We look forward to building on this success and our close partnership with Temenos and NdcTech.”
Spokesperson at UBL
The Temenos Corporate Loan Origination solution, implemented with NdcTech, will help UBL to meet the growing demand for digital customer experiences and win business with corporate clients in a highly competitive lending market that has seen demand slowed by global economic conditions and rising interest rates. Temenos solution enables UBL to strengthen its position as a digital leader, delivering seamless online experiences across the entire customer lifecycle—from onboarding and origination to account management. With these banking capabilities integrated into Temenos digital banking platform, UBL can provide a smooth and seamless digital experience while enabling the bank’s corporate lending teams to access the right data at the right time to make quick, consistent and cost-effective credit decisions.
This partnership with Temenos and NdcTech is a great catalyst in our digital transformation journey. We are very excited to make this a part of our strategic objective of becoming more agile and tailor our platform to better serve the rapidly changing needs of our customers.”
Spokesperson at UBL
We partnered successfully with
Systems a wholly owned subsidiary of Systems Limited is one of the fastest-growing consulting companies enabling Banks and Financial Institutions to accelerate their mission-critical digital transformations.
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
At a glance
• Onboard customers in 5 minutes instead of 60 minutes
• Straight-through processing for 95% of onboarding processes
• 92% faster to compile loan documentation
• Reduce the cost of customer acquisition and servicing
• Provide great digital customer experiences
• Built a new front-to back solution on the Temenos banking cloud
Recently, Challenger, an Australian investment management firm, acquired MyLife MyFinance. In an Australian market dominated by the “Big Four” banks, MyLife MyFinance aims to offer a genuine alternative to the leading players. Headquartered in Melbourne, the bank promises customers fair, ethical, and simple savings and lending products and services, which help them to build a brighter and more prosperous future. MyLife MyFinance, innovation means finding ways to deliver new value to those customers.
Mark Sawyer, General Manager at MyLife MyFinance, explains: “We consider ourselves a niche bank, targeting consumers looking for a transparent, low-fee service. Although we are not aiming to compete directly with the giant retail banks, we want to create a compelling and market-relevant value proposition that compares favorably with their offerings and ensures that we serve our customers well.”
As part of this strategy, MyLife MyFinance looked to design a more engaging, frictionless digital experience. For example, the bank wanted to accelerate onboarding processes that previously consisted of many time-consuming, manual steps. MyLife MyFinance also aimed to introduce self-service capabilities that would give customers greater flexibility in how they could manage their accounts and make payments.
Planning digital transformation
To develop and launch this enhanced customer journey, MyLife MyFinance realized that it would have to modernize its core and digital banking systems. Previously, the bank was using heterogeneous on-premise legacy technologies with limited functionality that restricted innovation and scalability. Using solutions from multiple vendors, MyLife MyFinance also wanted to address management workloads and operational risk.
Zvonko Balic, Chief Technology Officer at MyLife MyFinance, continues: “With our existing systems, the cost and complexity of customer onboarding and servicing was simply too high. Also, we saw that the solutions would make it difficult for us to adapt to changing regulations and hamper our ability to capitalize on emerging market opportunities.”
Selecting a more agile model
To transform its technology stack, MyLife MyFinance decided to deploy Temenos front-to-back banking solutions on the Temenos banking cloud. The Temenos package combines Temenos core and digital banking, and Temenos Analytics and provides capabilities within a modern Open API-first architecture.
Mark Sawyer comments: “When assessing vendors, Temenos stood out for many reasons. First, the broad functionality of the solutions enable us to tailor our new customer journey. Also, the rich integration features allow us to connect to third-party solutions to enhance our services. Temenos also has a strong track record working with Australian and global banks, which inspires confidence that they will always deliver.”
The Temenos banking cloud also offered major advantages for MyLife MyFinance, as Zvonko Balic explains: “As a smaller, niche bank, we do not have the technology budget of the larger financial institutions. Adopting the cloud approach meant that we could focus resources on serving customers rather than managing infrastructure. Plus, we know that Temenos invests heavily in building cutting-edge new functionality, which allows us to roll out enhancements quickly and easily rather than having to perform development work ourselves.”
“Adopting the cloud approach meant that we could focus resources on serving customers rather than managing infrastructure”
Zvonko Balic, Chief Technology Officer at MyLife MyFinance
Deploying fast, despite the pandemic
To implement the solutions, MyLife MyFinance worked with Temenos and Temenos business partner LTIMindtree. Within 12 months, the project teams effectively built a whole new banking infrastructure from scratch in the cloud and completed the customer data migration. Travel restrictions within Australia due to the COVID-19 pandemic meant that Temenos completed two-thirds of the implementation remotely.
During the deployment, Temenos helped MyLife MyFinance to integrate the core and digital solutions with a wide array of third-party services. These include solutions for debit cards and payments, document management, fraud monitoring, customer ID verification, and automated credit decisioning for consumer mortgage and lending products.
Being able to go live with such a diverse ecosystem of services in just 12 months was a great result. The disruption caused by the pandemic made this an especially challenging project, but Temenos provided the resources and expertise to ensure success. The engagement with their sales, account management, executive, and implementation teams has been very positive.”
Zvonko Balic, Chief Technology Officer at MyLife MyFinance
Accelerating processes by more than 90 percent
With the Temenos solutions, MyLife MyFinance strengthened its value proposition and enabled a slick, seamless customer journey that matches the offerings of larger operators. The bank now uses straight-through-processing (STP) for 95 percent of the onboarding process, which automates slow, inefficient manual workflows, reduces onboarding costs, and ensures that new customers enjoy a fast, engaging experience.
Mark Sawyer adds: “With our old systems, it would take between 24 and 48 hours to complete the customer acquisition cycle. Within that time, an employee would have to manually key in data and complete various checks on the customer. Now, due to the STP and integration capabilities of the Temenos platform, a customer can submit their application online and open an account within minutes.”
MyLife MyFinance customers also now enjoy self-service capabilities via their digital channel of choice. Users can log in to manage their deposits account and individual profile via mobile or internet banking, make payments using a digital wallet, activate and manage debit cards, and report lost or stolen cards.
Since the final consumer mortgage and lending solutions went live, MyLife MyFinance looks to accelerate the process for compiling loan contract documentation. Previously, it could take up to 60 minutes to draw together relevant documents from various source systems. With the integrated Temenos ecosystem, the bank expects to complete now the process in just 5 minutes—a 92 percent improvement.
Now, due to the STP and integration capabilities of the Temenos platform, a customer can submit their application online and open an account within minutes.”
Mark Sawyer, General Manager at MyLife MyFinance
Spearheading a new growth strategy
Recently, Challenger, an Australian investment management firm, acquired MyLife MyFinance. As a savings and loan bank, MyLife MyFinance will give Challenger the opportunity to expand its customer base and secure retirement income offerings. The bank is confident that the self-service capabilities, STP, and scalability of the Temenos solutions will enable it to manage higher volumes of customer applications successfully. MyLife MyFinance also believes that the Temenos deployment will enable it to embrace the opportunities created by Open Banking
Mark Sawyer concludes: “As we move into a new phase in our banking journey, we are sure that the partnership with Temenos will continue to contribute to our success, helping us to adapt to evolving regulations and market conditions. So far, it has been a very rewarding collaboration, and we are looking forward to the next chapter.”
We partnered successfully with
One-Stop Pure-Play Global Partner for all Temenos Solutions, System Integrations and Digital Services
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
One of the largest financial service providers in Morocco, Crédit du Maroc places innovation and digital transformation at the center of its growth strategy. To strengthen customer experiences and diversify its services, the bank will modernize its core and payments systems with Temenos core banking and Temenos Payments. Once implemented, the Temenos solutions will enable Crédit du Maroc to increase internal efficiency, launch new products faster, and offer customers frictionless, omnichannel access to accounts and cards. On the payments side, the solutions will allow Crédit du Maroc to manage rising transaction volumes, and adapt to new regulations and real-time payments schemes—helping it to win new clients and increase market share.
Temenos’ modern technology platform will not only help to drive incredible operational efficiency, but also enable the bank to accelerate time to market for new products. In a highly competitive market for financial services, Temenos gives us the edge and ensures we deliver the highest levels of customer satisfaction and attract new customers to drive growth.”
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
With more than 40 million unbanked citizens, Egypt is an ideal market for digital banking services, which lower barriers to access. Suez Canal Bank, one of the country’s top 10 financial institutions, is embracing the opportunity. Using Temenos digital banking, the bank is transforming the end-to-end digital experience for customers from onboarding, through opening an account, to ongoing account servicing. Suez Canal Bank is also building on Temenos technology to develop smart banking solutions such as tailored insights and suggestions, generated by combining advanced analytics with AI capabilities. Working with Temenos, the bank is reducing time-to-market for new products, boosting front-office efficiency, and bring banking within reach of millions more Egyptians.
We are delighted to partner with Temenos to take our digital banking to the next level. Temenos is the market-leader in digital banking technology and has a strong local presence and record of success with banks in Egypt and the MEA region. Enabling and building engagement with our customers via digital channels is a key growth driver that will help Suez Canal Bank to attract a new generation of customers. This is a priority to support our growth plans but also as a boost to financial inclusion in Egypt.”
Hussein Refaie, Chairman and Managing Director at Suez Canal Bank
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
Jordan Ahli Bank (“Ahli Bank”) is one of the Kingdom’s leading financial institutions with a significant local presence. Ahli Bank has already been using Temenos as its core banking technology since 2016 and new online banking platform is expected to enable the bank expand its customer base in Jordan. Jordan Ahli Bank went live with Temenos to develop and deploy new online banking experiences, helping it differentiate and drive customer growth in Jordan. The Bank is taking a phased approach, initially focused on Temenos digital banking to transform the digital experience of its personal banking products, including deposit accounts, payments, credit cards and loans. In the next phase, the bank plans to deploy Temenos digital banking for its corporate banking operations.
In addition to its leading solutions and innovative model bank approach, Temenos has shown a deep understanding of the Jordanian and Middle East markets’ local requirements and how to fulfil these using its strong business and product configuration tools. We will work progressively with partners like Temenos to build a strong foundation for execution, based on productised solutions which incorporate the latest standards and best practices in the banking industry. This is a hugely significant program of transformation for Jordan Ahli Bank, and we believe Temenos is the partner to deliver us our vision.”
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
Orange Bank Africa’s launch in the West African Economic and Monetary Union (WAEMU) region aims at supporting financial inclusion, while capitalizing on digital capabilities and increasing penetration of mobile tech. Orange Bank Africa is fully equipped to achieve reduced IT costs and operational complexity, as well as an improved cost/income ratio. The bank has developed a mobile-first banking strategy to deliver financial services to consumers’ phones supported by Temenos core banking delivered as SaaS, and its cloud-native technology, which is hosted on Microsoft Azure.
Temenos’ cutting-edge cloud technology, relentless focus on innovation and unrivalled regional experience makes it the perfect partner for Orange Bank Africa as we launch our operations. Temenos core banking gives us the scalability we need to grow and provide vital financial services to millions of customers.”
Patrick Roussel, Vice President, MEA Mobile Financial Services at Orange bank
Meanwhile, the Temenos Banking Cloud enables the bank to aim for sustainable, long-term growth and allows them to scale to meet the surge in digital banking adoption in Africa. Temenos’ Model Bank approach provided highly localized, pre-configured banking functionality so the new software could be deployed quickly, without the need for customization.
We partnered successfully with
Microsoft’s Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success.
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
Digital-only Banco del Sol is targeting a top-three position in the Argentine retail banking market, followed by an expansion into the SME space that comprises 99 percent of the country’s businesses. To build a compelling service proposition, the bank worked with Temenos partner GlobalLogic to implement Temenos core banking, Temenos Financial Mitigation, and Temenos Data & Analytics — gaining integrated core banking, fraud detection, and reporting capabilities. The bank can now launch new services quickly, scale its operations seamlessly, and deliver a consistently high-quality client experience. With more consumers using online services than ever due to COVID-19, this innovative digital presence will help Banco del Sol to achieve its growth objectives.
We were impressed with Temenos’ proven experience and expertise with both established banks and digital start-ups. That expertise and the company’s relentless commitment to product innovation makes us confident that they will be able to provide the technology we need to meet the highest digital experience of consumers and small business owners across Argentina.”
Spokesperson at the bank
We partnered successfully with
GlobalLogic combines design, agility and extensive experience helping clients to innovate and transform their businesses through technology, creating unique software from ideation to implementation.
Helping Malaysians to recover from the financial impact of COVID-19 with innovative digital lending
Kuala Lumpur, Malaysia
KIB selected Temenos digital banking and Temenos core banking to replace its legacy IT systems and deploy a single, cloud-native, cloud-agnostic digital banking platform to underpin its banking operations. Temenos will provide KIB with a single, packaged and extensible banking platform to digitalize its end-to-end operations. Temenos’ award-winning Islamic Banking solution will support the delivery of innovative digital products that are compliant for KIB’s Islamic retail and corporate customers.
Established in 2010, KIB’s aim is to make financial services easily accessible across Yemen to support socio-economic development and raise the national standard of living. The bank plays an essential role in supporting the livelihoods of local businesses and individuals by providing access to vital financial products and services. By driving significant cost efficiencies, Temenos’ technology will enable KIB to offer more accessible and lower-cost financial services to the Yemeni population and promote financial inclusion.
Temenos differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking services. Temenos’ cloud-native technology will transform our operations by driving incredible efficiency gains, but most importantly, by helping to improve the standard of living for individuals and the prospects for businesses in Yemen.”
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