Sky Bank signs Finastra for banking transformation in Ukraine

Ukrainian 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.

(c) Banknews

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