Bank of Khyber transforms to Temenos Core and Digital Banking Platform
Temenos technology supports Bank of Khyber’s strategic objectives to increase market share and drive sustainable growth by optimizing its banking operations and reducing operational costs
This implementation will provide the leap forward we need to enhance our market share and deliver better services and products for our customers in the 21st century
Bank of Khyber (“BoK”) (http://BoK.com.pk) which is a leading bank in Khyber Pakhtunkhwa, Pakistan, with 175 branches, successfully went live with Temenos Transact (www.Temenos.com) the next generation core banking, Temenos Infinity digital banking platform, Financial Crime Mitigation and Analytics. The implementation was carried out by Temenos’ Middle East implementation partner based in Pakistan, National Data Consultant (“NdcTech”) (https://www.NdcTech.net).
Temenos’ technology will support the bank in offering differentiated retail, SME and corporate banking products, including accounts, time deposits and loans for both Islamic and conventional banking. Temenos’ agile and fully integrated architecture enables Bank of Khyber to quickly roll out new functionality and services. NdcTech’s expertise in the Pakistan market helped to comply with local requirements and best practices. Temenos’ digital banking platform supports Bank of Khyber’s strategic objectives to increase its market share and drive sustainable growth by optimizing its banking operations and reducing operational costs. Temenos open API technology will help Bank of Khyber to provide digital experiences to its customers.
Bank of Khyber selected Temenos and NdcTech as its partners for its strategic initiatives to accelerate its digital transformation process. Temenos’ and NdcTech expertise in Pakistan Model Bank approach delivers pre-configured, localized functionality and best practices, reducing the need for customization and decreasing timescales for delivery.
Temenos partner NdcTech worked closely with Bank of Khyber to deliver a hybrid onsite/remote implementation, providing expert support and consultation to ensure a smooth implementation and successful go live for the bank despite the Covid-19 emergency. The implementation of Temenos core and digital platforms involved the integration of Bank of Khyber’s legacy systems and was concluded timely after a complex migration and thousands of functional tests had been carried out on the new system. The bank opted for a co-existence approach and migrated first 20 branches as part of the go live and will complete the migration for rest of the branches by the first half of the upcoming year.
Mr. Ihsan Ullah Ihsan, Managing Director, The Bank of Khyber remarked on the occasion, “We are delighted to have joined hands with Temenos / NDCTech for Digitalization of bank of Khyber. Temenos has a global reputation for providing robust, innovative financial software solutions and has an extensive presence in all over the world. This implementation will provide the leap forward we need to enhance our market share and deliver better services and products for our customers in the 21st century. Our partner NDCTech who also helped us to tailor the product to the specific requirements of our bank. The roll-out had been so well prepared beforehand that we were able to execute it entirely without any major incidents. I would also thank and appreciate my colleagues, staff and especially IT team for their dedication for working around the clock to complete the implementation with professionalism and excellence".
Mr. Azfar Latif CIO of Bank of Khyber added “We are proud that in less than 15 months with Global pandemic restrictions, Bank went live. We have demonstrated that commitment with reliable technology partner like NDCTech can overcome any challenge that comes along the way be it like COVID-19. We could not have achieved a go-live without the commitment and professionalism of Bank Management team and Technical Resources. Everyone knows that a core banking upgrade is always challenge especially in distributed environment, but we were confident of ourselves and NDCTech who carried it out seamlessly.”
While highlighting the business objectives of the deployment, Ammara Masood, President and CEO, National Data Consultant (NdcTech) said, “We are proud to work together with bank of Khyber. BOK is a very successful public/private partnership and through innovation will now be able to deliver hyper-personalized experiences to its customers. The team and management of the bank understands the power of technology, and the importance of leveraging the best practices and latest technological advances. We are delighted to be there partner in this strategic digital transformation and will continue to help the bank achieves greater strides.”
Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos, commented: “Congratulations to Bank of Khyber for its Temenos go live with NdcTech. Temenos has a strong presence in the Middle East and a track record of success in delivering digital banking transformation for banks in the region. We are delighted BOK has selected our platform and proud to support them as the bank seeks to leverage Temenos’ open and API-first technology to deliver world-class digital experiences for its customers and achieve market-leading cost-income ratio to drive sustainable growth and market-share.”
Distributed by APO Group on behalf of Temenos.
NdcTech (https://www.NdcTech.net/) is an award-winning partner of Temenos (the worlds #1 Banking Software) providing unmatched services and innovations to financial institutes and banks. The company delivers transformational services including Consulting on best practices, Implementation, Upgrade, Support and Training of Temenos and other Partner solutions. NdcTech collaborates with customers in Pakistan & MEA to enhance their digital capabilities and solves their toughest challenges by driving innovations to create new products and business models. Their expertise and experience is in the areas of Conventional Banking, Islamic Banking, Central Banking, Microfinance Banking, Investment Banking and Non-Banking Financial Institutes. For more information please visit www.NdcTech.net
Temenos AG (SIX: TEMN) (www.Temenos.com) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
About Bank of Khyber:
The Bank of Khyber (http://BoK.com.pk) was established in 1991 through an Act passed by the Provincial Legislative Assembly. It was awarded status of a scheduled bank in September 1994. The Bank enjoys a unique position and stands out amidst other banks operating within Pakistan and has the privilege of being bracketed amongst the only four government banks in the country. The bank has long been associated with business and commercial circles and has been actively engaged in catering to the financial needs of all sectors. It has successfully been involved in extending funded and non-funded facilities to its customers for various business needs.
Today, BOK is operating across the country with a network of 169 branches and still expanding. The provincial government is the major stakeholder and during its 25 years history, the Bank has always played a vital role in the development of Khyber Pakhtunkhwa and participated in the economic development of Pakistan in general http://BoK.com.pk.