20th April 2005 - Credit Libanais, a leading Lebanese bank, has selected Misys Equation to provide the core system for its retail banking operation to further improve its customer service and to help the bank's growth and development.
Misys Equation, used by hundreds of banks in more than 70 countries, helps its clients introduce innovative products more quickly and deliver them to new customers through new delivery channels. It also helps improve customer service while cutting operating costs, through greater automation, centralisation and straight through processing (STP).
Misys Equation will allow Credit Libanais to improve credit control and management through centralised real-time limit checking and exposure updates. In addition, it will help the bank reduce revenue leakage through enhanced process controls and ensure compliance with greater reliability and less effort. These changes will help Credit Libanais serve their clients more speedily and offer them innovative new products.
The solution meets the bank's strict requirements for risk management, profitability analysis and new product development, which are not being met by the banks current solution.
Mr. Antoine Raad, Credit Libanais Deputy General Manager - Information Technology Division Head said, "Credit Libanais has become a leading retail bank by virtue of its innovations. We recognise that to maintain this track record in the future we need to upgrade our systems and Misys Equation solution has delivered excellent results for retail banks around the world."
"Our new core banking system will enable us to increase automation and thus serve our customers more quickly and efficiently. It will enable us to move a significant number of our staff from back office processing to front office customer service. Our new system will also enable us to develop and deliver innovative savings and investment & Islamic products to meet consumers' needs."
Andrew Derrer, CEO of Misys Retail Banking, said, "Misys is delighted to be working with a bank of the calibre of Credit Libanais. We have more than 25 years experience of working in the Middle East and more than 70 clients in the region, including 10 in Lebanon, so we know the market and the banks' needs well. This deal will provide a solid platform for the bank to build new channels and products to help grow its business in the future."