As part of its digital transformation strategy, The National Bank (“TNB”) has announced successfully going live with the next-generation core banking system from the Temenos Group. The announcement was made during a press conference held at TNB’s headquarters in Ramallah, Palestine. Representing the bank was Mr. Ahmad Hajhasan, CEO, and Mr. Assaf Bleidi, the Project Manager.
As the first indigenous bank in Palestine to roll-out the Temenos’ system, TNB is at the forefront of deploying technology to improve and enhance its offering. In his address, Mr. Hajhasan highlighted the system's features, emphasizing that the change will result in a direct and tangible quality improvement across the bank’s services and will provide a strategic platform upon which TNB shall develop advanced and modern banking services and products. Moving to a unified, functionally rich core banking platform will support TNB in increasing customer convenience, enhancing the time to market of products and services, and reducing its operating costs.
The bank managed to successfully launch the system in record time compared to other regional and international banks. Mr. Hajhasan thanked TNB’s staff for their loyalty and dedication and for working around the clock to complete the implementation with professionalism and excellence. Furthermore, he praised the Palestine Monetary Authority for their continued support and supervision to ensure a smooth and effective transfer between core banking systems.
Mr. Jean-Paul Mergeai, Regional Director for Temenos in the Middle East and Africa, added: “We are delighted to see The National Bank go live with a new state-of-the-art core banking system. It will provide the technology platform to support scalable growth at the same time as enabling the bank to transform customer experience by launching products more quickly, offering Omni channel distribution as well as rich analytical services. In short, it will give a platform for the bank to outperform its competitors and realize its growth ambitions.”
TNB has purchased several banking modules, including Online and Mobile banking platforms, Temenos Corporate and Retail modules, Straight Through Processes, Treasury, Capital Market, Private, Wealth and Securities, CRM, Business and Financial Intelligence, FATCA, and the vendor’s interfaces such as SWIFT, ATM and Reuters.
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions. Headquartered in Geneva with 59 offices worldwide, Temenos software is proven in over 1,600 customer deployments in more than 150 countries across the world. Temenos’ products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ expertise around the globe. Temenos customers are proven to be more profitable than their peers: in the period 2008-2012, Temenos customers enjoyed on average a 32% higher return on assets, a 42% higher return on equity and an 8.1% lower cost/income ratio than banks running legacy applications.
The National Bank, listed on the Palestine Securities Exchange under ticker symbol “TNB”, is Palestine’s fastest growing bank and one of the country’s most trusted providers of comprehensive financial services. Born from a merger between Al-Rafah Microfinance Bank and the Arab Palestinian Investment Bank in 2012, The National Bank has progressively transformed itself from a microfinance banking institution into a universal banking solutions and premium corporate, retail and investment banking services provider. With a paid-up capital of $75 Million, The National Bank has secured its position as Palestine’s third largest bank in terms of assets and the second in terms of paid-up capital.