First in Ukraine, Sky Bank have bought the innovative IT-solution of the world’s largest company Finastra
18.09.2017
London, UK, and Toronto, Canada, 18 September 2017 – PJSC Sky Bank (Sky Bank) has selected FusionBanking Essence from Finastra for its banking operations in Ukraine. The move signals a transformation at the private bank, which was established in 1991 (previously known as Region-Bank) and is now backing a new customer-centric strategy having changed ownership at the start of the year.
“We’re changing the way we approach banking and to make this happen we are overhauling our IT operations, investing in modern and flexible technology that will give us a competitive edge, said Arif Babayev, Chairman at Sky Bank. We surveyed the market extensively and we are confident that we have made the right choice in Finastra. The company is well known for its pioneering approach to transformation and, being a leading global solution in the retail banking sphere, FusionBanking Essence will help us inject real innovation into our services and lead the digital banking market in our region”.
A strategic replacement to its legacy systems, FusionBanking Essence provides a flexible and modern platform to improve the bank’s operational efficiency, enabling it to be quicker to market with innovative products and ultimately to better serve its customers. A streamlined onboarding process will contribute to greater customer satisfaction, integrated KYC compliance capabilities will enable the bank to manage risk responsively, while automated processes will contribute to better cost to income ratio and increased profitability.
Nadeem Syed, CEO at Finastra said: “Our solutions support over 175 million retail accounts. The addition of Sky Bank highlights our commitment to helping banks around the world better serve their customers with flexible and reliable software at the core of their operations. FusionBanking Essence will help Sky Bank to unlock its potential, powering innovative banking services based around its customers”.
In addition, Sky Bank will benefit from faster time to market and lower operating costs. Harnessing customer data and analysing behaviour patterns through advanced analytics in FusionBanking Essence will enable it to anticipate future needs and respond accordingly – putting customer requirements firmly at the centre of its approach and providing opportunities to boost relevance and build new revenue streams.
FusionBanking Essence comes into its own where organizations like Sky Bank are looking to streamline bank operations and build processes around the customer. The open, modern, flexible platform maximizes operational efficiency, ensures rapid time to market and enhances customer service.
Finastra. Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.
Sky Bank is a Ukrainian commercial bank which is the legal successor of Region-Bank, established in 1991. The bank offers new age digital services to its clients and is a big investor in Fintech innovations. Universal and flexible, it provides a full range of banking solutions to its corporate, SME and retail clients. It is a member of many local and international organizations including, Holland Fintech, Deposit Guarantee Fund, Independent Banking Union of Ukraine etc.