Invest Bank in tech overhaul with Temenos and NdcTech

UAE-based Invest Bank has selected banking tech vendor Temenos and its regional implementation partner, NdcTech, to move its software solutions to the cloud.

Invest Bank will adopt an end-to-end retail and wholesale banking solution on the Temenos Banking Cloud, becoming one of the first in the UAE to adopt a full Software-as-a-Service (SaaS) model for its digital and core banking systems (Infinity and Transact, respectively).

The signing ceremony. From left to right: Jean-Paul Mergeai, Temenos; Ahmad Mohamed Abu Eideh, Invest Bank; Ammara Masood, NdcTech

Established in 1975, Invest Bank offers a wide range of products and services for individuals and corporates.

The cloud set-up will “provide elasticity to meet growing customer demand, especially Gen-Z and millennials”, Temenos and NdcTech say, and the new technology will help “to go beyond banking and create a lifestyle services platform”.

Ahmad Mohamed Abu Eideh, CEO of Invest Bank, comments: “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.”

William Moroney, managing director – MEA, Temenos, notes that the vendor’s experience and expertise in the Middle East is “unmatched”.