The institution will implement Finastra Essence, a core banking platform offered as a SaaS solution via Microsoft Azure Cloud. This deployment aims to enhance the range of digital products and services available to SBUK's corporate and banking clients. Additionally, the platform will accommodate both Shariah-compliant and conventional banking, addressing the institution’s diverse customer needs.
The partnership was formalised during a signing ceremony held at Finastra's London office, attended by senior leadership from both organisations.
Representatives from Sonali Bangladesh UK highlighted the institution’s growth plans, emphasising the importance of an adaptable core banking platform. According to them, the chosen solution’s comprehensive functionality will help SBUK meet the evolving needs of the community it serves. They also expressed confidence that the combination of Finastra’s technology and expertise would enable SBUK to enhance its services for both Islamic and conventional finance while positioning the institution for long-term growth.
Finastra Essence is a cloud-based, next-generation banking solution that incorporates advanced technology and extensive functionality. Its microservices architecture supports fast deployment of banking services, aiming to improve operational efficiency and reduce costs. The platform is designed to meet the requirements of both conventional banking and Islamic financial institutions (IFIs), allowing organisations such as SBUK to operate both systems through a single platform.
Officials from Finastra noted the challenges of managing separate systems for Islamic and conventional banking and explained that implementing Essence on the cloud enables SBUK to overcome these challenges, reduce costs, and improve customer experience. They also highlighted the scalability and flexibility offered by digital banking, aligning with Finastra's broader goals of expanding financial access through Open Finance initiatives.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now