Silkbank goes live with Temenos Infinity to boost digital banking in Pakistan

Pakistani Bank Silkbank Reimagines Digital Banking For Personal And Business With AI-Powered Temenos Infinity To Accelerate Adoption, Boost Engagement And Drive Market Growth; The digital bank powered by Temenos Infinity will help Silkbank attract and retain customers and drive growth.

Temenos (SIX: TEMN), the banking software company, today announced that Silkbank, a leading commercial and Islamic bank in Pakistan, has commissioned Temenos Infinity, the world’s best-selling digital banking platform, to strengthen its digital banking services for individuals, businesses and SME customers. Temenos Infinity enables Silkbank to offer seamless digital integration and jump to market quickly with out-of-the-box digital banking features designed to attract new customers and increase customer engagement.

Silkbank’s existing digital banking services offer a wide range of retail and business products and services, including account and card management, money transfers, bill payments, mobile top-ups, loans and payment. loan management. However, using disparate legacy systems, the customer experience was disjointed and inconsistent across its web and mobile channels.

Temenos Infinity provides the bank with a unified digital banking platform to bring these services together to create frictionless, personalized and secure banking experiences and increase customer satisfaction. Improving digital integration and the banking experience gives Silkbank a competitive advantage that the bank says will increase new home, business and enterprise customers by 15% this year.

Running on the next-generation core of Temenos Transact, the addition of Temenos Infinity provides a seamless front-to-back solution, enabling Silkbank to reduce operational costs and launch digital solutions that appeal to both home and business users alike. faster.

Silkbank plans to migrate its full user base of over 350,000 customers to the new digital banking platform within four months and increase transactions through digital channels to 70% within 12 months of launch. The implementation was carried out by Xpert Digital (XD), a Temenos Certified Services Partner specializing in delivering exceptional digital experiences.

By modernizing its digital banking services with Temenos Infinity, Silkbank benefits from an open and flexible platform to deliver an exceptional omnichannel customer experience. As a result, Silkbank can eliminate friction on every journey and point of contact, allowing customers to get things done efficiently.

Powerful analytics and explainable AI engines also allow Silkbank to learn from every customer interaction and identify attrition, abandonment and bottlenecks in customer journeys to improve business processes. .

Javed Yousuf Edhi, DSI and Group Head – Technology & Digital Innovation Group, Silkbank, commented, “With Temenos Infinity, we can accelerate our digital transformation initiatives and reinvent the way we engage with customers digitally. For example, our home and business customers increasingly want to do more of their banking through a mobile app and the Internet, and expect the experience to be effortless. Whether it’s onboarding new accounts digitally, delivering an omnichannel experience, delivering exceptional service, or a combination of all of them, Temenos Infinity makes it possible.

Jean-Paul Mergeai, President – International Sales, Temenos, said: “The Covid-19 has caused a strong change in the behavior of bank customers towards digital banking. While Pakistan still relies heavily on cash transactions, the trend points to a bright future for digital financial services in the country. Silkbank is a pioneer in digital banking technology and, with Temenos Infinity, is well positioned to capitalize on this growing opportunity. With Temenos, Silkbank can now take digital banking to the next level, making digital banking more human to deliver the personalized experiences customers expect from their bank. “

Temenos Infinity is the world’s best-selling digital banking platform, according to the SCI Intelligence 2021 Sales Rank Table (https://bit.ly/3ybxm3W).

Distributed by APO Group on behalf of Temenos.

Media contact:
Jessica Wolfe and Scott Rowe
Temenos Global Public Relations
Phone. : +1 610 232 2793 & +44 20 7423 3857
Email: press@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Phone. : +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com

About Temenos:
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks around the world, including 41 of the top 50 banks, trust Temenos to handle both the daily transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers cloud-native, AI-agnostic and AI-driven front office, core banking, payments and fund administration software, enabling banks to deliver frictionless omnichannel customer experiences and achieve l ‘operational effectiveness.

Temenos software is proven to enable its top performing clients to achieve cost-revenue ratios of 26.8%, half the industry average, and return on equity of 29%, or three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment adds tangible value to their business. business. For more information, please visit www.Temenos.com.

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