Al Ahli Bank of Kuwait selects Infosys’ Finacle for tech revamp
ABK selects Infosys’ Finacle core banking platform for IT revamp
Al Ahli Bank of Kuwait (ABK) has picked Infosys’ Finacle suite to replace Misys’ products as part of its technology revamp.
The bank will deploy the complete suite of Finacle solutions, including core banking, trade finance, wealth management, CRM, e-banking, payments, treasury, alerts, SMS banking, liquidity management, retail and corporate loan origination.
Abdulla Alsumait, deputy chief general manager, ABK, says the system selection is part of its “simple banking” strategy to offer “convenience, security and speed”.
ABK had been a long-standing customer of Misys – using Equation for core banking, Fusioncapital Opics for its treasury and capital markets and Trade Innovation for trade finance.
With Finacle, Infosys says the bank will move from a collection of product processors to an integrated system.
Finacle also offers “in-built product factory capability” and the bank’s customers will “benefit from customised offerings”, according to the vendor.
ABK was established in 1967 with its headquarters located in Kuwait City. It recently acquired Piraeus Bank of Egypt (PBE), adding 39 branches to the ABK network to reach 72 branches in total.
Piraeus is a long-standing user of Fiserv’s Signature core system in Egypt. The acquisition by ABK could see a change in core system here as well.
Went the day well?
The year has started well for Infosys Finacle.
Last month, Bank Leumi (UK), based in London and part of the Bank Leumi Group, said it was replacing its existing corporate online banking system with the Finacle e-banking solution. It will be interfaced to the bank’s long-standing core banking system, Misys’ Midas.
Also in February, Albaraka, a Morocco-based microfinance institution, implemented the Finacle core banking system, and customer relationship management (CRM) and wealth management solutions.
