Pakistan’s Silkbank enhances conventional and Islamic business lines with Temenos T24 Core Banking upgrade

Silkbank upgrade will improve the user experience and enable new products and services to be launched rapidly across traditional and online banking services

Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, has announced that Pakistan’s Silkbank, a Temenos customer using T24 Core Banking and IslamicSuite (www.Temenos.com/en/solutions/suites/islamic/) has successfully upgraded its system.

The upgrade was a collaborative effort between National Data Consultants (NDC) and Temenos – the two organizations were able to develop an automated tool that cut down conversion activities by 70%, enabling the bank to complete the implementation in record timeframes.

Temenos continually invests in its software, making annual releases available to its clients so that any financial institution of any size can access the latest best practices and innovations from around the world. Silkbank uses Temenos to provide its 350,000 customers with a word-class digital banking platform. Temenos software supports Silkbank’s customers both in-person at their 123 branches, and through their branchless banking services. The adoption of the newest version of Temenos technology by Silkbank equips the bank with increased flexibility and efficiency, and enhancements to the customer experience based on the consumer demands present in the market today.

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Mr. Gohar-ul Ayn, Chief Operating Officer, Silkbank, commented: “Due to the fast-changing banking trends in Pakistan, and our technology investments, Silkbank is in a competitive position. The upgrade opens up new opportunities for Silkbank, and we are now able to provide new products, with an even faster turnaround, for all of our customer segments. The new enhancements will provide the flexibility that we need to continue to grow our client base with our current offering, and build further momentum by creating new products and extending loans to new segments. Temenos T24 Core Banking is the backbone for all the financial services we offer, and is key to Silkbank achieving its vision of becoming ‘Benchmark of Excellence in premier banking’. We look forward to our continued, mutual success.”

Jean-Paul Mergeai, Regional Director – Middle East and Africa, Temenos, said:

Silkbank wanted to continue to boost and innovate its deposit products, and extend lending services to its corporate and Islamic banking customers in order to increase its market footprint. With the latest version of Temenos software, its customers will gain an even more efficient and seamless experience, and access to alternative delivery channels.”

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