The National Bank of Fujairah (NBF) is a full-service corporate bank with strong wholesale banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. NBF has a branch network of 14 locations across the UAE, and are especially committed to the support of industries ranging from oil and shipping to services, manufacturing, construction, education and healthcare.
NBF was operating on an in-house built core banking system until 2007, when it migrated to Temenos T24 R6. After many months of teething problems and workflow adjustments, the bank settled down with the new system at the end of 2008.
By 2012, functional and technical limitations were presenting a problem.The core banking platform was not well-integrated with the bank’s auxiliary systems, and support costs were escalating. Existing customizations did not scale well, causing inefficiencies and preventing NBF from leveraging new technologies. Ultimately the bank’s ability to seize opportunities and bring new products to market was severely limited.
NBF decided it was time to upgrade.
Fountain Credit Services Limited (FCSL) is a small community credit company in Nairobi, Kenya. FCSL provides high-level investment opportunities to its clients in other companies owned by the parent company, FEP Group. In addition to these investment opportunities, FCSL also provides various microfinance products and services taking due regard to specific needs of both group and individual members.
FCSL offers an increasingly complex range of financial products to a relatively small pool of clients and had outgrown its existing systems.They were interested not only in a platform that would provide the tools necessary to bring new financial products to market quickly, but also strong anti-fraud security measures and a solution that would allow them to add customers and even branches seamlessly as they grew.
As is often the case with smaller banking and microfinance institutions, the significant overhead involved in a full in-house implementation of a robust platform like Temenos T24TM was prohibitive. With complex needs but niche operations, what FCSL required was something as powerful as T24, but scalable to their size and resources.