Temenos UniversalSuite will enable experience-driven banking across Al Masraf’s retail and corporate banking lines
GENEVA, Switzerland: Temenos (SIX: TEMN), the software specialist for banking and finance, confirms that Arab Bank for Investment & Foreign Trade (Al Masraf) has selected its UniversalSuite, a front-to-back solution that enables banks to offer a user-optimized experience across channels and business lines.
Since its foundation in 1976, Al Masraf has become one of the leading banks in the UAE, with recent accolades such as the Sheikh Khalifa Excellence Award for Continuous Improvement. Dedicated to innovation and a vision as the preferred financial partner for all banking services in the region, the organization has worked for more than 40 years to instill cooperation amongst Arab countries and promote joint economic ventures. Today, it offers a full range of financial services including Consumer Banking, Corporate Banking, Islamic Banking, Treasury and Investment services to help its customers build and manage their finances.
Faisal Galadari, Chief Executive Officer, Al Masraf stated: “Our selection of UniversalSuite highlights our commitment to technology and innovation. We invest in our people and technology to deliver innovative solutions and convenience for our customers. The Temenos solution will support our ambitious growth plans and improve our ability to bring innovative products to market more quickly and efficiently. The modern software architecture and real-time features will provide the foundation for our digital business. Temenos has the people, culture, and technology to fulfill our vision and support the implementation of our strategy, which is why we’ve chosen them as our strategic technology partner.”
By periodically evaluating the software behind their products and services, Al Masraf ensures that they are using the best software in the market to drive their bank forward, and continue to meet the diverse and evolving needs of their customers. Choosing an upgradable solution means Al Masraf will benefit from yearly enhancements, developed based on the best practices of the world’s leading banks.
Temenos’ UniversalSuite, used by over 400 banks across the world, is proven to reduce banks’ infrastructure costs, while enabling them to deliver enhanced customer-centricity at scale. It combines an agile core with powerful analytics and a user experience platform, all integrated on a single platform.
Ahmed Alrefae Chief Operation Officer, Al Masraf said: “We selected Temenos above other vendors based on its advanced system architecture and its packaged software model. With an impressive legacy building real-time, innovative, integrated and open banking software, Temenos’ solution has the capacity to accommodate our business and the all-important journey toward digitization. The architecture of the software allows for instant customer fulfilment, easy integration with the bank’s other systems and full exploitation of the bank’s data assets. This will allow us to better support our core operations and channels to deliver a unique and differentiated customer experience.”
Jean Michel-Hilsenkopf, Managing Director at Temenos commented: “Temenos is delighted to be working with Al Masraf on this significant core banking project. By selecting Temenos’ integrated, front-to-back solution across its entire business, Al Masraf puts itself in a position to differentiate its customer proposition in a highly competitive marketplace while also ensuring the continued success of this great and longstanding institution. With its capacity to accommodate the Federal bank business, our core banking platform will give Al Masraf the technology to scale its business while also delivering exceptional customer service.”
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.