Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Amrahbank Joint Stock Company ('Amrahbank'), one of the fastest growing banks in Azerbaijan with 28 branches and offices and 300 staff serving 18,000 customers, has selected Temenos T24 (T24) Model Bank to improve the level of service that it offers to its retail and corporate clients as well as back office processes.
Established in 1993, Amrahbank offers a variety of retail and corporate banking services such as deposits, loans, credit cards, money transfers, documentary transactions, mortgages and investment services.
As a fast growing organisation with plans to expand its branch network across all the major regions of Azerbaijan, Amrahbank required a modern core banking system with a broad range of functionality to support its growth plans, improve customer services and increase operational efficiency. The bank wanted a proven solution that could fully integrate its branch network and the various divisions within the bank on a single system, to replace its existing legacy system that had become slow and inflexible with limited functionality and reporting capabilities. Following a rigorous selection process the bank opted for T24 Model Bank to fully leverage its integrated CRM and business intelligence capabilities to deliver an enhanced customer experience.
"One of the pre-requisites of our selection process was to find a modern core banking system to provide up-to-date, high quality information and services to our customers, as well as improved functionality, processing and security in the back and middle office. We also wanted the ability to offer new products and services to our customers and will be using T24 to launch a new internet banking service. Temenos' global reputation and presence in our local market made it an obvious choice for us," said Mr. Emil Mammadov, CEO, Amrahbank.
As a second phase to the project the bank plans to implement T24's Islamic Banking module to support its fully fledged conversion into a Shari'ah compliant bank once the necessary local legislative basis has been established. This will allow Amrahbank to benefit from the untapped Islamic banking market in Azerbaijan and neighbouring countries in the future, as well as increased cooperation between Azerbaijan and countries of the Middle East.
"We are delighted to welcome Amrahbank as a Temenos customer. As a fully integrated front, middle and back office core banking solution, T24 will ensure consistent high levels of service for Amrahbank's customers. Its flexible architecture will enable the bank to deliver new products and services quickly to keep pace with the changing requirements of its retail and corporate customer base, while improving internal processes such as reporting and business analytics for increased operational efficiency," said Andreas Andreades, CEO, Temenos.