Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Cairo Amman Bank, one of the largest banks in Jordan, has selected Temenos T24 (T24) to replace its legacy system and provide a robust platform from which to drive growth across the country.
Cairo Amman offers a wide range of banking, commercial and investment services. With 170 branches and service centres servicing two million customer accounts today, the bank plans to increase the number of branches in the next five years and to expand in the region and overseas markets. The bank signed the deal with Temenos in June 2009, following the recent signing of Temenos' first customer in the country.
For over a decade, the bank used several different systems to run its operations. This fragmented infrastructure prevented the bank from having a single view of its business and reliance on multiple systems slowed business critical processes. In order to deliver more efficient, modernised services and superior products to its customer base, Cairo Amman Bank required an advanced and flexible platform if it were to achieve its growth objectives and future plans.
After conducting an extensive evaluation process in which a number of leading suppliers were also considered, Cairo Amman opted for T24 to integrate and support its entire operations on a single platform. By replacing five systems with T24, the bank's total cost of ownership will be reduced by around 50%.
The multi systems infrastructure made management reporting a difficult, time consuming process. Cairo Amman also opted to take TEMENOS Insight (Insight), a comprehensive business intelligence suite, fully integrated with T24, launched by Temenos in March this year. Insight will automate the production of management reports to reduce the risk of error and time taken to complete reports. This will give staff time to conduct value-add analysis and leverage rich information so trends across customer segments, regions and business areas can be rapidly identified and presented in daily KPI reports and interactive dashboards.
"As a leading bank in Jordan, our customers expect the best in products and services. We needed an end to end, 24x7, advanced and robust core banking system that would help us realise our product innovation plans and associated growth potential; T24 was the obvious choice. Furthermore the Insight product will transform the way we do business, enabling us to execute strategies based on up to date, accurate intelligence on customer trends, performance, profitability and risk. We will now be able to deliver the right products to customers at the time they need it most, effectively allocate resources and remain fully compliant with local and international regulations to deliver cutting edge performance in a competitive market." commented Mr. Kamal Bakri, General Manager,Cairo Amman Bank.
"As our second Misys replacement in Jordan in less than four months, this further positions T24 as the standard upgrade path of choice for banks in the country, many of which are operating on the same system. We are excited to be working with Cairo Amman Bank to deliver a flexible yet secure architecture that will increase efficiencies and improve its ability to deliver market driven products and services, at a reduced rate of risk and cost. We are particularly pleased to see the adoption of Insight, which will deliver the BI capabilities the bank needs more cost effectively than a standalone BI system", commented Andreas Andreades, CEO, Temenos.
The Temenos Professional Services team will work jointly with Cairo Amman to implement T24 on HP servers and a DB2 database.