Bank Keshavarzi was originally created for the country’s Agricultural sector and currently has 1846 branches catering for some 5 million customers and 15 million deposit and loan accounts. This is expected to grow considerably to an estimated 24 million accounts over the next few years.
FNS Regional Vice President, David Parker, said Bank Keshavarsi will initially convert half of its branches to the new BANCS banking system – providing a new banking solution for up to 4 million customers and 12 million accounts in Phase One of the project.
The implementation will be conducted by FNS with the assistance of its Iranian partner, Padisar Informatics INC (Padisar). "FNS will supply the software and will develop the required customization, in addition to supplying the services of software engineers as required from its Philippines based software Centre of Excellence," Mr Parker said.
Mr Nazari, member of Bank Keshavarzi's Board of Directors responsible for IT, described the upgrade as a sure means of providing better services to their customers. "Customers are our real assets and their true and total satisfaction has always been our aim and heartfelt desire. To be able to cater for their needs, we must undoubtedly utilize modern banking tools and practices, which can only be achieved through an integrated and comprehensive electronic banking solution," Mr. Nazari said.
"It is this philosophy that lies behind Bank Keshavarzi's decision to select an integrated and total solution software solution, which we hope will realize our goals - with the participation of FNS and its local partner Padisar - so that all our esteemed compatriots can share in its benefits", he said.
Chairman of Padisar, Mr Rahmani, said that this project, initiated for the first time in the country, is undoubtedly indebted to the strong desires of the management of Bank Keshavarzi to offer new services of the highest standards to customers. He added that this project will have a profound effect on the Iranian banks’ approach to customers and the type of services they will offer.
Mr Rahmani also acknowledged BANCS’ unique capabilities, FNS’s professionalism and Padisar’s unique line of business, and knowledgeable staff who will be joining FNS in the implementation. This will result in customization and interfacing of a line of products, in particular some specific types of Islamic banking.
FNS Managing Director, Tony Ward, said Bank Keshavarsi’s decision to implement the award winning BANCS® banking solution would deliver the benefits of centralised banking encompassing full retail and Internet banking capabilities together with mobile and telephone banking and automation of those branches integrated to the core solution.
The bank is also implementing the BANCS Trade Finance, Treasury and Payments solutions, plus FNS’s proven Islamic banking solution.
"By implementing the BANCS solution, Bank Keshavarsi will be able to offer sophisticated deposit and loan products, in addition to providing foreign exchange and global trade finance facilities."
The decision to implement the world class BANCS solution comes at a time when Bank Keshavarsi has achieved international recognition as Iran’s top bank for two consecutive years (2003 and 2004) and one of the top 10 banks in the Middle East in an annual survey by the respected Financial Times publication, The Banker.
Bank Keshavarsi was ranked just outside the top 20% of the world’s Top 1000 banks based on a combination of criteria including its level of Tier One capital, volume of assets, ratio of capital to assets, actual profit growth, ratio of profit to capital, output of assets and cost-revenue ratio.
Mr Ward said the selection of FNS as the successful tenderer recognises the company’s expertise in providing retail and wholesale banking solutions throughout the Middle East, Africa and Asia Pacific where it has provided Islamic Banking solutions to a number of prominent financial institutions.
