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Silkbank Goes Live with Temenos Infinity to Supercharge Digital Banking in Pakistan

Silkbank Goes Live with Temenos Infinity to Supercharge Digital Banking in Pakistan

Pakistan’s Silkbank reimagines digital banking for retail and business customers with AI-powered Temenos Infinity to accelerate adoption, build engagement and drive market growth; digital banking powered by Temenos Infinity will help Silkbank to attract and retain customers and drive customer growth.

Temenos (SIX: TEMN), the banking software company, today announced that Silkbank, a leading commercial and Islamic bank in Pakistan, has gone live with Temenos Infinity, the world’s #1 best-selling digital banking platform, to power up its digital banking for retail, corporate and SME customers. Temenos Infinity enables Silkbank to offer seamless digital onboarding and get to market quickly with ready-to-go digital banking features designed to attract new customers and increase customer engagement.

Silkbank’s existing digital banking offers a broad range of retail and business products and services, including account and card management, funds transfers, bill payments, mobile top-up, loans and loan management. However, using disparate legacy systems, the customer experience was disjointed and inconsistent across its web and mobile channels.

Temenos Infinity gives the bank a unified digital banking platform to bring these services together to create frictionless, personalized and secure banking experiences and increase customer satisfaction. The improved digital onboarding and banking experience gives Silkbank a competitive edge the bank expects will increase its new retail, corporate and business customers by 15 percent this year.

Running on Temenos Transact next-generation core, the addition of Temenos Infinity delivers a seamless front-to-back solution, enabling Silkbank to reduce operational costs and launch engaging digital solutions for individuals and business users much faster.

Silkbank plans to migrate its complete user base of more than 350,000 customers to the new digital banking platform within four months and increase transactions through digital channels to 70 percent within 12 months of launch. The implementation was carried out by Xpert Digital (XD), a certified Temenos Services Partner specializing in delivering exceptional digital experiences.

By modernizing its digital banking with Temenos Infinity, Silkbank benefits from an open and flexible platform to deliver an outstanding omnichannel customer experience. As a result, Silkbank can remove friction across every single journey and touchpoint, allowing the customers to get things done efficiently.

The powerful analytics and Explainable AI engine also allow Silkbank to learn from every customer interaction and identify attrition, abandonment and bottlenecks in the customer journeys to improve business processes.

Javed Yousuf Edhi, CIO and Group Head – Technology & Digital Innovation Group, Silkbank, commented: “With Temenos Infinity, we can accelerate our digital transformation initiatives and reimagine how we engage with customers digitally. For example, our retail and business customers increasingly want to do more of their banking by mobile app and internet, and expect the experience to be effortless. Whether onboarding new accounts digitally, providing an omnichannel experience, offering exceptional service, or a combination of all, Temenos Infinity makes it possible.”

Jean-Paul Mergeai, President – International Sales, Temenos, said: “Covid-19 has prompted a strong shift in the behavior of bank customers towards digital banking. While Pakistan is still heavily reliant on cash transactions, the trend indicates a promising future for digital financial services in the country. Silkbank is a pioneer of digital banking technology and, with Temenos Infinity, is well-positioned to capitalize on this growing opportunity. Together with Temenos, Silkbank can now take digital banking to the next level, making digital banking more human to offer the personalized experiences customers want from their bank.”

Temenos Infinity is the top-selling digital banking platform worldwide, according to the IBS Intelligence Sales League Table 2021 (https://bit.ly/3ybxm3W).

Distributed by APO Group on behalf of Temenos.

Media Contact:
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email: press@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com

About Temenos:
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business. For more information, please visit www.Temenos.com.

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