Following this announcement, the bank is set to upgrade to Finastra’s optimised core banking solution, as part of its technology development strategy. In addition, the initiative will enable Al Rayan Bank to benefit from a holistic offering that will streamline its operations, lower the total cost of ownership, as well as provide an optimised functionality to its clients in Qatar.
Both companies are expected to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Finastra Essence represents a core banking solution that was developed in order to combine deep functionality and advanced technology to increase enterprise agility, reduce costs, and improve operational efficiency. Powered by an open, microservices architecture, the solution's deep banking functionality enables institutions to rapidly deploy market-leading products and services. At the same time, it also caters to both conventional banking and the specific needs that Islamic Financial Institutions (IFIs) have when offering Sharia-compliant products and services.
Through this initiative, Al Rayan Bank aims to take an important step in its strategy to upgrade its banking core, through the integration of a solution that provides the necessary agility, risk functionality, and enhanced technology to keep pace with customers’ needs. By migrating to Finastra’s core banking solution, the financial institution also aims to provide its customer with an optimised, streamlined, and fully integrated offering.
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