BOK Is Successful Public/Private Partnership & Through Innovation Will Now Be Able To Deliver Personalized Experiences To Its Customers.
Bank of Khyber “BoK” 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”) (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.”