National Bank of Kuwait is modernizing its core banking applications, having signed a $27 million contract with IT services firm LogicaCMG.
The two-year deal will see LogicaCMG modernize the bank’s banking infrastructure, managing the replacement of National Bank of Kuwait’s (NBK) current bank branch teller and core banking systems alongside implementing a service-orientated architecture (SOA) platform. This, it is hoped, will enable the bank to gain a competitive advantage, achieve greater business agility and respond efficiently to global regulatory requirements and market changes, while also helping it achieve its ambitious expansion plans.
Phase one of the contract has already been completed, with LogicaCMG undertaking a business study that led to the production of a transformation roadmap and creation of full technical and business architecture plans. Once the implementation of these plans is complete, NBK will benefit from streamlined processes, new branch functionality, enhancements to other bank functions including banking operations, retail and corporate banking, and the ability to offer more flexible products, pricing and services.
Kuwait’s largest bank will also achieve greater efficiency and scalability through the introduction of straight-through processing and improved management control and compliance, LogicaCMG said.