The United Bank has completed over 90% of upgrades and developments of its electronic infrastructure as part of an agreement that the bank signed in March 2016 with Misys, a financial software provider, in order to implement its latest upgrade, named Misys Fusion Banking Equation, according to chairperson of the bank Ashraf Elkady.
He said that the bank has now become ready to begin providing smart digital banking services and solutions at the highest international standard.
He added that the achievement was supported by the bank’s team of all sectors and branches, who embarked on the challenge of completing the implementation faster than in the originally planned schedule, which would have implemented the new software in more than one year.
“In less than 10 months of work, the team has completed 90% of developments to begin a new age of using technological applications that will serve the current and future client bases,” Elkady said.
The completion of the implementation required an interim suspension of online banking services, card services, and ATMs from Thursday night until Saturday, with credit and debit cards enabled for usage through other banks.
Regarding the importance of this step, Elkady said that turning all solutions and banking services digital, including internet and mobile banking, has become a necessity, as the bank is keen on developing its business, expand its offers, and introduce more services in order to achieve financial inclusion.
Misys Fusion Banking Equation will contribute to improving the quality of provided banking services in general, which reflects in achieving the satisfaction of current and future clients, according to Elkady.
He added that the system will ensure continuity in launching new banking products and solutions to meet the market needs and satisfy clients according to the highest international banking standard, making the bank competitive in credit financing, small- and medium-sized enterprises, funding, and in the retail banking sector.
He pointed out that the purpose of implementing Misys Fusion Banking Equation application is to allow the bank to benefit from advanced solutions, offered to reduce operational risks, using the latest information technology, enable expansion of the bank’s business in accordance with the provisions of the law and regulations of the Central Bank of Egypt (CBE), and adopt a Fusion Banking Essence Teller, which would integrate directly into Misys Fusion Banking Equation in order to provide a more efficient network and improve the clients’ banking experience.
In addition, Elkady said that the development project also includes adopting FusionCapital Opics, designed to improve the treasury operations and international transactions.