Faysal Bank Ltd., Pakistan, a leading and dynamic fast growing commercial bank in Pakistan and System Access, Singapore, a leading global universal banking solutions provider are pleased to announce the signing of agreement selecting SYMBOLS as Core Banking Solution for FBL.
Faysal Bank will be implementing the full suite of the latest version of SYMBOLS across its branch network and head office. SYMBOLS Core Banking Solution will serve as the core transaction processing engine to support Deposits, Lending, Trade Services, Payments, Treasury, and Investments business verticals of the bank. Faysal Bank will be insuring the delivery of innovative products and services, through multiple delivery channels, through the cutting edge technology of SYMBOLS’ eApplications Framework. With the deployment of the extended banking enterprise support of SYMBOLS, Faysal Bank is well positioned to take on the challenges of universal banking. SYMBOLS will also be providing a unique Cash Management portal for Faysal Bank’s corporate customers, enabling them to maximize their revenues through the effective placements of their assets. With the implementation of SYMBOLS, Faysal Bank aims to raise the level of its customer services and shorten its time to market new and innovative product offerings to its key customer segments.
To effectively provide support for universal banking products and services, SYMBOLS application architecture is centered on a customer relationship management foundation that facilitates customer knowledge, interaction, relationship development and better management of risk at the customer level. The customer-centric nature of SYMBOLS allows banks to enjoy a complete 360- degree view of its customers’ interaction profile across the business This Service Oriented Architecture focuses, not on specific product niches, but on the processes revolving around financial products. These processes are then reused across the enterprise to support various products and service processing requirements. It is this design approach that has enabled SYMBOLS to be deployed in a myriad of banking environments globally without regard for the product labels of wholesale vs. retail, conventional vs. Islamic, local bank vs. regional powerhouse bank, etc.
Ahmed Kamran – Executive Vice President & Head of Information Technology at Faysal Bank, comments – "System Access’ team of professionals have been instrumental in providing us with the necessary insights to appreciate and ultimately decide in favor of SYMBOLS. SYMBOLS will form the backbone of our strategic initiatives to markedly improve our services and product offerings. It will allow us to set ourselves apart from the average bank by successfully executing on our strategy. We are very pleased that we have reached this agreement with System Access and are quite sure that this partnership will be fruitful for both parties".
Aravinth Kumarasamy - SVP Global Head of Product and Business Development for System Access comments, "This is a very important win for us. This win, our second in Pakistan, falls right in line with our moves to consolidate our position and increase our market share where we have previously been successful, and leverage on the fruits of the seeds of success that we have sown. This partnership with Faysal Bank represents another opportunity for us to introduce a leading edge, technologically advanced banking product, SYMBOLS, geared towards supporting the needs of banking whether they are sophisticated, simple, or complex requirements; local or global institutions; private, retail, or corporate customer segment driven, in mature or emerging markets. This enables our partnership to forge Faysal Bank’s entry into the world of universal banking and competition with the country’s and the world’s best financial institutions".
