Allied Banking Corporation (Hong Kong) has migrated its core banking operations to the cloud, at the same time upgrading from Finastra’s Equation core banking solution to its next-generation Essence solution. Allied Banking Corporation has also gone live with Finastra’s Retail Analytics solution to transform its reporting capabilities. The investment marks a shift towards modern, future-proof technology that creates new potential for future growth whilst reducing costs and increasing efficiency.
Finastra Essence provides customers with both comprehensive coverage of key banking products today and agility. Finastra Retail Analytics is an analytics system that enables the bank to generate operational, management and regulatory reports with historic data and trends analysis. It automates and generates reports quickly and easily, with the ability to allow its internal and external auditors to view historic data and reports.
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Allied and Finastra continue 15 year working relationship
Lourdes A. Salazar, Chief Executive, Allied Banking Corporation, said: “Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were being met, we wanted to future-proof our operations and open the door for expansion into new products and services. Replacing our core system and migrating to the cloud at the same time was a significant decision, but Finastra worked closely with our team to enable a smooth transition for our customers. Acting boldly has enabled us to reap the benefits of a cloud-based SaaS model, letting us refocus our business teams towards customer management and growth activities whilst Finastra takes care of our technology.”
Siobhan Byron, EVP, Universal Banking, Finastra, commented: “We are delighted to help Allied Banking Corporation with their ongoing commitment to delivering a truly innovative banking experience. Transitioning their core banking operations to the cloud is the next step in this strategy. As banks seek to modernise their core banking systems, most either host on-prem or adopt a hybrid model.
“The success of this project proves that it is possible to not only move directly to the next gen systems on the cloud, gaining the efficiency, innovation and agility benefits that brings, but it is possible to do it while maintaining the highest levels of customer service. This has accelerated Allied’s digital transformation and we look forward to helping them become even more competitive in the future.”
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