NBK upgrades its core system with LogicaCMG’s SOA
The National Bank of Kuwait (NBK) is upgrading its core banking applications with a service-oriented architecture (SOA) platform as part of ambitious expansion plans.
The US$27 million deal will see IT services provider Logica- CMG manage the replacement of NBK’s current bank branch teller and core banking systems with the vendor’s SOA platform.
The implementation is aimed at enabling the bank to gain competitive advantage, achieve greater business agility, and respond efficiently to global regulatory requirements.
Phase one of the contract has already been completed with LogicaCMG undertaking a business study that has led to the production of a transformation roadmap and creation of full technical and business architecture plans.
Once implementation of these plans is complete, NBK is expected to benefit from streamlined processes, new branch functionality, and the ability to offer more flexible products, pricing and services.
“LogicaCMG was the best fit for this project because, not only could it provide the systems integration, technical and business consultant skills we needed, but it also had the right third-party relationships in place along with local support and a very strong cultural fit with our organisation,” explained Fadi Chehayeb, CIO at NBK.
“LogicaCMG’s proven ability in the field, alongside the fact that our auditors highly recommended it, meant that it was the ideal partner to help us transform our business systems.”
Abdelhamid Suboh, financial services director at Logica- CMG in the Middle East, said the firm had considerable capability and experience with core system replacements at financial services organisations.
“We have been involved in over 40 such projects from which we have developed proven methods and approaches,” he commented.
“This was a key decision factor in NBK’s selection of LogicaCMG as a partner for the transformation of its business.”