Silkbank, a leading commercial and Islamic bank in Pakistan, has gone live with digital banking platform Temenos Infinity from banking software company Temenos.
Silkbank’s existing digital banking system offers a broad range of retail and business products and services, including account and card management, funds transfers, bill payments, mobile top-up, loans and loan management. However, says Temenos, using disparate legacy systems, the customer experience was disjointed and inconsistent across Silkbank’s web and mobile channels.
Temenos says Infinity gives the bank a unified digital banking platform to bring these services together to create frictionless, personalized and secure banking experiences and increase customer satisfaction. The improved digital onboarding and banking experience gives Silkbank a competitive edge that the bank expects will increase its new retail, corporate and business customers by 15 percent this year.
Running on Temenos Transact next-generation core, the addition of Temenos Infinity delivers what Temenos calls a seamless front-to-back solution, enabling Silkbank to reduce operational costs and launch engaging digital solutions for individuals and business users much faster.
Silkbank plans to migrate its complete user base of more than 350,000 customers to the new digital banking platform within four months and increase transactions through digital channels to 70 percent within 12 months of launch.
Commenting on the deal, Jean-Paul Mergeai, President International Sales, Temenos, made the interesting point that Covid-19 has prompted a strong shift in the behaviour of bank customers towards digital banking. He added: “While Pakistan is still heavily reliant on cash transactions, the trend indicates a promising future for digital financial services in the country.”