In a significant technological shift, Sonali Bangladesh UK (SBUK) has decided to implement Finastra Essence, a core banking solution from the technology provider Finastra, aiming to modernize and streamline its banking operations. This move marks a departure from the Intellect core banking system previously in use, which is provided by the India-based firm Intellect Design. Interestingly, Sonali Bank in Bangladesh, the parent company of SBUK, also utilizes the Intellect system.
Addressing Dual-System Complexities
SBUK has faced considerable challenges and complexities in maintaining two separate core banking systems for its conventional and Islamic banking operations. This dual-system setup has led to increased costs, heightened operational risks, and less-than-ideal customer experiences. The transition to Finastra Essence, which will be deployed on Microsoft’s Azure cloud platform, aims to consolidate these systems into a single, more efficient framework.
Benefits of Finastra Essence
The new Finastra Essence system promises several benefits for SBUK, including enhanced scalability, improved agility, and the ability to offer more personalized services to clients. According to Siobhan Byron, EVP of Universal Banking at Finastra, this move will help mitigate risks and streamline operations, ultimately contributing to better service delivery. This change is seen as a strategic step to support SBUK’s growth ambitions and better serve its customer base, which primarily consists of trade finance services for the Bangladeshi community.
CEO’s Perspective
Masum Billah, CEO of SBUK, underscores the significance of this technological upgrade for the bank. He points out that the comprehensive features of the new system, combined with Finastra’s expertise in the banking sector, position SBUK well for future growth. Billah expresses confidence that this strategic shift will support the bank’s plans to evolve and expand its services, making it more capable of meeting customer needs.
Existing Presence of Finastra Essence
Finastra Essence is not an entirely new entrant in the UK banking landscape. It is already in use by a few small financial institutions, including the Loughborough, Melton, and Teachers Building Societies. The successful adoption of the system by these smaller entities demonstrates its capability to meet varied banking requirements, further reinforcing its suitability for SBUK’s modernization objectives.
Rebranding and Modernization Strategy
In 2022, SBUK rebranded from Sonali Bank UK, signaling a broader trend among banking institutions to update their identities and operations to stay relevant in the ever-evolving financial landscape. This rebranding is part of SBUK’s overarching strategy to modernize its infrastructure and better align with the needs of its clientele.
Strategic Importance
Sonali Bangladesh UK (SBUK) is making a noteworthy shift in its technological infrastructure by adopting Finastra Essence, a sophisticated core banking solution from the tech provider Finastra. This strategic decision aims to modernize and enhance the efficiency of its banking operations. Previously, SBUK relied on the Intellect core banking system, supplied by the India-based company, Intellect Design. This transition signifies a meaningful departure from Intellect’s system, which is still in use by Sonali Bank in Bangladesh, the parent company of SBUK.
The move to Finastra Essence reflects SBUK’s commitment to staying current with technological advancements and improving its service offerings. This shift is expected to bring about more streamlined processes, greater agility in banking operations, and the ability to better meet customer demands in a rapidly evolving financial landscape. By embracing Finastra’s state-of-the-art technology, SBUK is positioning itself to compete more effectively in the market, ensuring it remains a forward-thinking institution ready to tackle future challenges and opportunities.
