Invest Bank will migrate its banking operations to the cloud. Credit: Gerd Altmann from Pixabay.

UAE-based commercial lender Invest Bank has turned to Temenos to transform its digital and core banking operations.

The lender will migrate its end-to-end retail and wholesale banking operations on the Temenos Banking Cloud to modernise legacy platforms, launch new products and services and enhance customer experiences.

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Instant onboarding and origination with automated approvals based on AI-based algorithms are part of the transformation.

Additionally, Temenos’ solutions will be used to enhance operational effectiveness through automation and digitised workflows.

Founded in 1975, Invest Bank offers an array of financial services to both retail and corporate customers.

Invest Bank will be teaming up with NdcTech, a Temenos partner, for the digital transformation, which is aimed at enabling the bank to meet customer demand, particularly Gen-Z and millennials.

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Invest Bank CEO Ahmad Mohamed Abu Eideh said: “We strive to be a pioneer when it comes to customer experience and digital services and with Temenos, the future is today.

“The bank’s core and digital banking services will be working seamlessly together on a single platform. This will help us to foster innovation, automate workflows, as well as deliver digital experiences to meet our customers’ evolving needs faster and at a lower cost.”

Temenos MEA managing director William Moroney said: “Temenos has unmatched experience and expertise in the Middle East, and so we are delighted to welcome Invest Bank as our latest regional signing to the Temenos Banking Cloud.

“Our cloud-native SaaS technology provides a flexible platform for cost-effective core and digital banking modernisation. In choosing Temenos, Invest Bank is preparing for the future, opening opportunities for new growth and new possibilities for its customers.”

Last week, Vietnam-based Sacombank selected Temenos to build digital banking services.