COUNTRY FOCUS : EGYPT
“ Since upgrading to Fusion Equation 4.3 , we have increased the number of products we offer to our customers by 20 %,” he said .
Successful upgrade journey
To help its Fusion Equation upgrade progress smoothly , United Bank of Egypt made use of the Fusion Advance service , leveraging proven best practices and support from Finastra to ensure that the new solution was delivered with a high level of predictability to minimise business disruption .
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EXISTING PROCESSES WERE OVERLY COMPLEX , WHICH DULLED EFFICIENCY AND MADE IT DIFFICULT FOR US TO LAUNCH NEW SERVICES QUICKLY . THIS DROVE US TO REVIEW OUR ENTIRE IT LANDSCAPE , WITH THE AIM OF STREAMLINING AND MODERNISING END-TO-END OPERATIONS .
Helmy added that : “ We brought the upgrade in on time and within budget , largely owing to the excellent support we received from Finastra . At the outset of the project , the team took time to understand our requirements and put together a comprehensive project plan , using their highly qualified resources .
“ Finastra were right there beside us at every stage in our journey , gathering feedback , performing extensive testing and refining their approach to make sure the new functionality was in line with our goals . The Fusion Advance approach to upgrades helped us to reduce the project risk and deliver a high-quality solution , paving the way for continued success at United Bank .”
Customer experience
With a cutting-edge core banking infrastructure in place , United Bank of Egypt has gained the agility it needs to keep pace with changing customer and market requirements .
Helmy pointed out that since upgrading to Fusion Equation 4.3 , the bank has increased the number of products it offers to customers by 20 %. “ A richer range of offerings will enable us to attract new customers and increase our crosssell capability with existing customers . In addition , new found efficiency and control over risk helps the bank grow in a stable and profitable way . We have made significant efficiency gains – shortening the time taken to set up new branches by 40 % and accelerating end-of-day processing by 30 %, which helps us deliver a high quality of service at lower cost ,” he explained .
“ What ’ s more , we have much stronger risk management in place . This has helped us reduce operational risk to a minimum , so that it is now at a level deemed acceptable by audit teams .”
By enhancing existing in-branch services and expanding its range of offerings to include innovative mobile and online banking solutions , United Bank of Egypt has set itself apart from the competition , helping grow its customer base and market share .
Helmy said : “ Our new approach to banking will help us connect more closely with customers and allow us to deliver exceptional services that exceed their expectations . Working with a world class software provider like Finastra will help us achieve our goals and significantly contribute to our success in the market .” •
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