21st June 2006 - Misys Banking Systems, a global leader in banking software and solutions, announces today that its core banking system, Misys Equation, is to be implemented by KASB Bank to help it grow its retail banking business and further enhance customer relationships.
In order to maintain its competitive edge, KASB Bank needed to enhance the range of products and services it provided its customers in Pakistan. The executive team at the bank decided to replace the current ten-year old system, which was no longer able to cater for the increasing consumer demands.
From a shortlist of three, including Temenos and Systems Access, Misys Equation was chosen to provide KASB Bank with a centralised core banking system to improve the performance of the bank and enhance customer interactions. Misys Banking Systems was chosen for its proven technology, rapid implementation successes and the expert knowledge of the banking industry in the region.
“Our existing distributed environment was reaching the end of its natural life,” comments Mahmood Siddique, CIO of KASB Bank Limited. “We have 35 branches across the network at present and customer data is held at the nearest branch to the customer. We were unable to have a consolidated view of our interactions with our customers and we had to make it easier for them to bank with us from any branch or via the Internet, ATM or telephone. We are going to increase the number of branches to 50 in the next year and Misys Equation is the solution that can help us achieve this.”
Roy Froud, head of sales, Middle East and Africa, Misys Banking Systems, adds, “We have built an excellent knowledge of the banking sector in the region, through working with some of the region’s major banks, such as Habib Bank and Mybank Ltd. We have a history of long-standing relationships with our customers, working with them to ensure not only smooth implementation of our systems, but also that they are given the best support available in the industry to help them expand their business and keep ahead of their competitors.”
The next phase of growth for KASB Bank will be focused on Islamic Banking services, due to be launched in 2007. Misys Banking Systems will work with KASB Bank to provide this additional capability for their customers.
Mark Yamin-Ali, country manager, Pakistan, Misys Banking Systems, adds, “We are delighted to be able to provide the technology and industry knowledge to KASB Bank to help it achieve its business goals. We look forward to partnering them on this and future projects.”