Marfin Group, a leading European financial group and long established Temenos T24 user in Cyprus, Greece and Romania, has successfully extended its usage of T24 to its Ukrainian subsidiary, Marfin Bank Ukraine.
Historically, Marfin Bank Ukraine had multiple and decentralised core banking systems, which over time has led to inefficiencies across the organisation. The bank required a central, modern and flexible core banking system for its Ukrainian retail, corporate and commercial network. TEMENOS T24 was selected for this modernisation project as it is the most technologically advanced banking system available today, which meets local regulatory requirements in Ukraine as well as streamlines Marfin Bank Ukraine's operations and provides rapid delivery of new products and services to differentiate the bank in a competitive market.
Commenting on this latest roll out of T24 in the Group, Antonis Theodosiou, Deputy Director, Information Technology, Marfin Popular Bank, said: "Today's banking industry landscape is very different compared to five years ago. As the market changes, our technology solutions have to adapt so that we can enable the business to operate more effectively in a tougher and more competitive arena. Marfin Popular Bank has long recognised IT investment as a critical factor to meeting the Group's strategic objectives. Migrating our Ukrainian operations to T24 was a natural progression in streamlining our processes, simplifying system requirements and delivering a single customer view. All of this has brought about efficiency and lower maintenance costs, but more importantly, it gave us more flexibility and functional breadth to enable us to rapidly take new retail products to market. This is essential in a world where alignment to customer needs is our absolute priority."