United Bank of Egypt completes Finastra core banking revamp
The United Bank of Egypt has finalised the implementation of Finastra’s core banking infrastructure across its retail, corporate and treasury business.
The bank chose the supplier for this same revamp back in 2016, when Finastra and its products carried different names. You can read the original story from back then here. That’s nearly two and a half years of implementation period, although it was meant to be completed by 2016.
It’s worth pointing out that the United Bank has been working with Finastra since its inception in 2006.
These days, the system in place is the latest version of Fusion Equation, which is integrated with Fusion Teller to enhance in-branch retail operations.
The bank has also upgraded to the latest versions of Fusion Trade Innovation and Fusion Treasury for corporate banking services and treasury operations respectively.
The United Bank aims to be able to design and develop new products faster and roll them out through multiple channels, while meeting Islamic banking and regulatory requirements.
“We were keen to grow our business and widen the range of products and services that we offer to our retail and corporate customers. Going digital was the best way to achieve these goals,” says Ahmed Helmy, CIO at The United Bank.
He adds: “Since upgrading Fusion Equation, we have increased the number of products we offer to our customers by 20% and now we can attract new customers and increase our cross-sell capability.”
The bank also reports that the time taken to set up new branches has reduced by 40%, and acceleration of end-of-day processing by 30%.
The bank made use of the Fusion Advance service during the upgrade process.
As you can probably imagine, Finastra is always busy.
Recently, it was selected by US-based Unity Bank for its commercial and consumer lending processes, including its agricultural business.
The banking supplier giant also joined Bahrain FinTech Bay as it hunts for opportunities with financial institutions, banks and investors.