Core Banking Transformation Qorus Reinvention Awards - MEA 2025 - Winner

The ambitious project to transform Arab National Bank’s Core Banking System (CBS) was initiated in August 2022. This comprehensive overhaul embarked on a 21-month journey, culminating in the Go-Live date set for May 2024. The project's scale and complexity underscore ANB's commitment to maintaining its leadership in the banking sector by embracing the latest technological advancements.

The imperative for this transformation arose from the limitations of the legacy CBS product, which, along with its supporting database hardware and software, was approaching the end of its operational lifespan. Recognizing the pressing need for modernization, ANB set forth a clear set of 4 objectives to ensure that the new system would not only replace the old but also drive significant enhancements in functionality, efficiency, and customer satisfaction.

a) Adapt to Evolving Business Needs: One of the primary objectives of the transformation was to cater to the ever-evolving business requirements across the banking ecosystem. The financial industry is dynamic, with rapidly changing customer expectations, regulatory requirements, and market conditions. The new CBS is designed to be flexible and scalable, ensuring that ANB can quickly adapt to these changes and continue to provide innovative and relevant services to its customers.

b) Align with ANB’s Digital Strategy: Integrating the core application with ANB’s overarching digital strategy was another critical goal. The digital transformation initiatives at ANB are aimed at enhancing customer experiences through seamless, omnichannel interactions, and providing robust, real-time banking services. The transformation of CBS serves as the backbone of this strategy, enabling advanced digital functionalities and supporting a wide range of digital banking solutions.

c) Utilize Latest Technology: Implementing cutting-edge technology was essential to enhance operational efficiency and customer experience. The new CBS leverages the latest advancements in fintech, including artificial intelligence, machine learning, and blockchain technologies. These innovations help in streamlining processes, reducing operational costs, and providing customers with faster, more reliable services.

d) Maintain Compliance and Support: Ensuring that the system remains compliant with current standards and fully supported by technology partners was a crucial objective. The financial industry is heavily regulated, and staying compliant with these regulations is non-negotiable. The new CBS ensures that ANB adheres to all relevant regulatory requirements, thereby mitigating risks and safeguarding the bank's reputation. Moreover, by aligning with the support structures of technology partners, ANB ensures that it has access to the necessary expertise and resources to address any challenges that may arise.

The CBS transformation project reflects ANB’s proactive approach to technological advancement and its unwavering commitment to providing top-tier banking services. Through this strategic initiative, ANB aims to solidify its position as a forward-thinking leader in the banking industry, ready to meet the demands of the future

The future of the Finacle Core Banking System (CBS) project at Arab National Bank (ANB) is aligned with our ongoing digital strategy, focusing on further enhancing digitalization, expanding our customer base, improving customer experience (CX), and accelerating the time to market for new products.

ANB plans to leverage the advanced capabilities of Finacle 11x CBS to introduce more sophisticated digital banking services. This includes the development of new mobile and online banking features that provide customers with greater convenience and control over their finances.

Customer experience will be further enhanced through the foolproof API integration and quicker resolution of queries. Seamless omnichannel banking will allow customers to enjoy a consistent and unified experience across all touchpoints, including branches, mobile apps, and online platforms.

ANB also aims to reduce the time to market for new products by leveraging Finacle’s agile development framework. This will enable quicker rollouts of new financial products and services, ensuring that ANB remains responsive to market demands and customer expectations.

Continuous updates and iterative improvements to the CBS will ensure that ANB can swiftly adapt to regulatory changes and emerging market trends.