Bank Aval is installing a core banking system based on Misys Retail Banking's Bankmaster software across more than 1200 branches in Ukraine.
The roll out follows a pilot implementation at one of the bank's branches in Kiev. Over a one-year period, Misys used its Bankmaster technology to plan a suite of fixed deposit, savings and current account products for customers. The vendor then developed interfaces with existing systems within the Ukraine, including the ATM and POS network.
Misys says the system will enable the bank to increase the speed and accuracy of processing, centralise customer data and bring new products to market quickly. Customers will be able to visit any branch to make transactions and the software will also allow the bank to make products available through a variety of channels including ATMs.
Oleksandr Derkach, chairman of the board at Bank Aval, says: "The Misys solution will certainly help Bank Aval enhance revenue streams, gain competitive advantage and deliver return on investment by enabling us to bring new products to market very quickly, such as mortgages and white goods loans."
The vendor will work with the bank to expand its product suite to incorporate lendings, treasury and underwriting. Roll out of the retail banking system is expected to be completed in 2004.