Misys, the leading financial software company, today announces that Ethiopia's second largest private bank, Awash International Bank ('Awash'), has successfully implemented Misys FusionBanking Essence for core and branch banking.
FusionBanking Essence will allow Awash to completely transform its banking processes, delivering a modern, future-proof platform to cater for the bank's continued growth.
Ethiopia is Sub-Saharan Africa's fifth biggest economy and is one of the fastest growing, with GDP growth of approximately 10.6% between 2013 and 2014, according to CNBC Africa. A strong financial system to support this growth and the country's anticipated "middle income status" by 2025 is a key priority for Awash.
FusionBanking Essence is a comprehensive portfolio of componentised solutions for retail and SME banking – from channels to core banking. Earlier this month, FusionBanking Essence was named a "Leader" in the 2014 Gartner Magic Quadrant for International Retail Core Banking[1]. The solution is recognised in the industry as being the most modern and technologically advanced retail/SME banking system. It will deliver maximum efficiency and increased profitability to Awash, while improving the customer experience.
"Misys has been our strategic technology partner for almost two decades and their systems are a key enabler to our growth", states Ato Tsehay Shiferaw, The President of Awash International Bank S.C. "Core banking replacement is a high-risk activity, but Misys took full responsibility for risk around implementation, ensuring absolutely no disruption to our customer service - most vendors would not take such measures. This dedication truly sets Misys apart. Misys FusionBanking Essence will further enable our growth, allowing us to drive fast, effective and innovative banking services that are future-proof."
By replacing its core banking system, Awash has increased its overall agility, allowing the bank to respond to its customers' needs swiftly, while also decreasing its IT costs. Misys FusionBanking Essence will allow Awash to offer new and unique services to its customers in Internet banking, mobile banking, agent banking, portal transaction and point of sale. This will give the bank a competitive edge in a rapidly growing market.
In addition to transforming its core banking, Awash has successfully deployed FusionBanking Essence Teller, Misys' modern, browser-based teller application, across 97 branches in Ethiopia. This expansion will improve Awash's branch network efficiency, and provide improved customer service, ensuring Awash maintains its mission statement of being "The Bank of the People".
"Awash has a strong history of pioneering new technologies, deployed to ensure it maintains its competitive edge and market leadership, in order to best serve the population of Ethiopia with premier banking services", adds Nadeem Syed, CEO, Misys. "We are proud and privileged to be a long-term partner for Awash, and look forward to the next twenty years of the bank's growth."