Invest Bank selects Temenos to take its core banking to the cloud

Wednesday 23 November 2022 14:53 CET | News

Invest Bank, a UAE-based commercial bank, has selected Temenos 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 modernise 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 digitised workflows.

NdcTech’s expertise on Temenos’ modern platform on the cloud, accelerators of UAE regulatory and market practices, micro services 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.

Temenos’ other partnerships

In November 2022, Sacombank has selected the Temenos Infinity platform, an omnichannel, multi-experience platform-based product enabling a comprehensive 360-degree customer view, which is believed to help the company to acquire, service, retain and cross-sell to customers on a multitude of channels and devices through the use of native features.

Invest Bank, a UAE-based commercial bank, selects Temenos to take its digital and core banking to the cloud, in partnership with NdcTech.

The platform offers pre-composable banking services that are built on microservices and made accessible via APIs, enabling Sacombank to develop products that bring benefits to consumers and businesses alike in a quick manner. Furthermore, Temenos’ open and composable platform will support Sacombank in connecting with ecommerce providers, social networks, and other online services to help accelerate a cashless ecosystem, something that is a priority for the Vietnamese government.

Earlier, in June 2022, Temenos and Wipro have expanded their partnership to help banks across varying scales to accelerate their go-to-market strategies in regions like the US, the UK, and Australia. This expanded partnership enables banks across varying scales to accelerate their go-to-market strategies in regions including the US, the UK, and Australia.

Cloud banking

The growing competition from new entrants such as challenger banks and fintechs has evolved customer expectations from banks. Incumbent banks need to stay disruptive and relevant for their customers. The ability to utilise data effectively to differentiate and personalise services has become critical and pushed banks to modernise their core technology foundation towards scalable cloud-based infrastructure. The urgent need for remote operations and exponential growth in digital transactions during the pandemic further accelerated this.

The pandemic led to a spurt in growth of digital transactions and need for digital-first services, digital processes and remote customer onboarding. As banks seek to offer intelligent customer centric services, cloud enables them to integrate and analyse vast volumes of real time data with speed using artificial intelligence and machine learning. The regulations and compliance requirements of banks have also evolved rapidly requiring ability to churn and analyse data quickly.

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Keywords: banks, digitalisation, partnership, cloud, SaaS
Categories: Banking & Fintech
Companies: Invest Bank, NdcTech, Temenos
Countries: United Arab Emirates
This article is part of category

Banking & Fintech

Invest Bank





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