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Pakistan’s Largest Bank, HBL Selects Temenos to Transform its Banking Services
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Temenos has announced a partnership with HBL, Pakistan's largest bank, to implement its core banking platform for HBL's over 25 million clients. This transition aims to enhance HBL's services and improve user experience through increased reliability and security. The technology will facilitate faster onboarding and transaction processing, catering to both conventional and Islamic banking clients. The platform will also assist in compliance with local banking regulations and enhance international reporting standards.
Positive
HBL will onboard over 25 million clients onto Temenos' platform, enhancing user experience.
Faster transaction processing and onboarding promising to increase HBL's digital footprint.
The technology enhances compliance with local regulations and improves reporting for international markets.
Negative
None.
GENEVA, Switzerland--(BUSINESS WIRE)--
Temenos (SIX: TEMN), the banking software company, today announces that HBL, Pakistan’s largest bank network is to adopt the Temenos core banking platform to provide domestic and international operations with a cutting-edge banking experience.
HBL will onboard over 25 million of the Bank’s clients onto Temenos open platform for composable banking1. The platform will accelerate the Bank’s services across all segments, markets, and channels. HBL clients will have an enhanced user experience in the form of increased reliability, security and a modern platform that will enhance HBL’s digitalization journey.
The Temenos implementation will include a full suite of client-friendly products and services that will provide end-to-end, technologically advanced solutions to both HBL’s conventional and Islamic banking clients. Faster onboarding and quicker transaction processing will provide a more seamless client experience, enabling HBL to increase its digital footprint across Pakistan and internationally. The new system will also enhance adherence to local banking regulations and improve reporting standards for international markets in China, GCC, Europe and SAARC countries2.
Muhammad Aurangzeb, President & CEO - HBL, said: “The open technology platform provided by Temenos is flexible, global-ready and has the breadth of banking services to meet our clients’ fast-developing banking needs. This partnership contributes to our goal to become a ‘Technology company with a banking license’.”
Sagheer Mufti, Chief Operating Officer - HBL, added: “At HBL, we are always looking at better ways to serve our clients. By adopting this leading platform, we will add to our capability to give clients an improved experience when using our services, now and for many years to come.”
Max Chuard, Chief Executive Officer, Temenos, commented: “HBL is a forward-looking bank with a pioneering approach to shaping the future of banking. Temenos open platform for composable banking will free the bank from legacy constraints. To innovate safely at speed, as well as scale its offering and achieve its growth goals. We are proud to support HBL as it delivers on this exciting vision for more than 25 million clients worldwide.”
About HBL
HBL was the first commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the largest private sector bank in Pakistan with over 1,650+ branches and 2,100+ ATMs globally and serving 25 million+ clients worldwide.
The Bank’s extensive portfolio includes Retail Banking, Corporate, Commercial & Investment Banking, Treasury & Global Markets, Consumer, Rural and SME Banking, Development Finance, Transaction & Employee Banking, and Islamic Banking.
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking clients. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel client experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
1 ‘Composable banking’ means HBL can, if it wishes, combine, replace, add-on and swap out components, systems and connectors. Traditional providers lock functions like decisioning, reporting, analytics and more together, reducing flexibility.
2South Asian Association for Regional Cooperation (SAARC) is the regional union of states in South Asia: Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka
