Oman Arab Bank upgrades core banking system with Finastra
Oman Arab Bank in core banking system upgrade
Oman Arab Bank (OAB), a long-standing customer of Finastra (formerly Misys), is implementing the Fusionbanking Essence core banking system.
It will replace Misys’ Equation platform, in operation at the bank for over three decades.
OAB also uses Misys’ Trade Innovation system for trade finance. For its Islamic banking operations, it uses the iMAL core banking system from specialist supplier Path Solutions.
Fusionbanking Essence will be rolled out across the 65-branch network of the bank in Oman.
The move comes as the bank “diversifies its business to accelerate growth and renews its focus on customer-centricity”, according to Finastra.
“Changing market dynamics and fluctuating oil prices in the country have driven OAB to reassess its business model,” it explains. The bank is now focusing more on retail banking.
Mustafa Srour, the bank’s CTO, describes Equation as “a reliable core banking solution” and says “it makes sense to transition to Fusionbanking Essence”.
Elsewhere, another long-standing customer of Misys/Finastra, International Finance Investment and Commerce (IFIC) Bank, is implementing the front-end component of Fusionbanking Essence to boost its retail banking offering. The bank is deploying the online, mobile, loan origination, data and analytics products of the Fusionbanking Essence suite for its operations in Bangladesh and Nepal.
“Historically 90% of our business has come from the corporate side, but we’ve been making a concerted effort to reduce this dependence and strengthen our SME and retail client share,” says Shah Sarwar, MD and CEO of IFIC Bank.
IFIC Bank has been using the Equation/Fusionbanking Equation core system and Trade Innovation for many years.
This is just the sale is completed. Implementation is yet to commence. As far as i know Fusion banking Essence and Islamic are failed products. Many implementations were not successful. A few banks went live with these products. They are either struggling to survive (because of product quality issues and at the risk of loosing banking licenses) or moved out to other products.