Invest Bank, a premier commercial bank in UAE, has selected Temenos (SIX: TEMN) to take its digital and core banking to the cloud, in partnership with NdcTech.
Invest Bank will adopt an end-to-end retail and wholesale banking solution on the Temenos Banking Cloud, becoming one of the first in the UAE to adopt a full SaaS model for its digital and core banking platform.
The front-to-back capabilities of Infinity and Transact delivered as SaaS on Temenos’ open platform for composable banking will enable Invest Bank to modernize legacy platforms, bring new products and services to market faster, as well as deliver more innovative customer experiences.
Planned enhancements include instant onboarding and origination with automated approvals based on AI-based rules. The bank will also use the Temenos platform to improve operational efficiency with increased automation and digitized workflows.
Established in 1975 as a public shareholding company, Invest Bank offers a wide range of financial products and services for corporate as well as retail banking.
NdcTech’s expertise on Temenos’ modern platform on the cloud, accelerators of UAE regulatory and market practices, microservices and open API capabilities will help Invest Bank in its digital transformation. The Cloud will provide elasticity to Invest Bank to meet growing customer demand, especially Gen-Z and millennials.
Invest Bank intends to leverage Temenos’ event-driven open-API architecture and extensibility framework to go beyond banking and create a lifestyle services platform.
Ahmad Mohamed Abu Eideh, CEO, Invest Bank, commented:
“We are proud of this partnership with Temenos and NdcTech to transform our digital and core banking. We strive to be a pioneer when it comes to customer experience and digital services and with Temenos, the future is today. The bank’s core and digital banking services will be working seamlessly together on a single platform. This will help us to foster innovation, automate workflows, as well as deliver digital experiences to meet our customers’ evolving needs faster and at a lower cost.
William Moroney, Managing Director – MEA, Temenos, said:
“Temenos has unmatched experience and expertise in the Middle East, and so we are delighted to welcome Invest Bank as our latest regional signing to the Temenos Banking Cloud. Our cloud-native SaaS technology provides a flexible platform for cost-effective core and digital banking modernization. In choosing Temenos, Invest Bank is preparing for the future, opening opportunities for new growth and new possibilities for its customers.”
Ammara Masood, CEO and President, NdcTech, said:
“Our Project accelerators such as Country layer and expertise on Temenos Transact and Infinity on the cloud make us the right partner for this transformational engagement. Temenos SaaS solution on the cloud will allow the bank to enhance its banking services with highly connected and personalized interactions for its existing and prospective customers while fueling long term growth. We are proud to be a Temenos implementation partner for the region’s pioneering banks and hope to further extend our footprint in the years to come.”
Source: Company Press Release