Capital Bank wins “Best Implementation of Core Banking Services” award from IBS Intelligence

By Delisha Fernandes

Capital Bank received the “Best Implementation of Core Banking Services” award from IBS Intelligence in 2023, marking a significant achievement in their year.

The award specifically highlights how the bank utilized Temenos’ core banking solutions to launch a transformative project aimed at upgrading its core banking system. This strategic move aligns with the bank’s vision for expansion and its ambitious growth plans.

Over recent years, Capital Bank successfully executed three major core banking projects, each significantly impacting the bank’s performance within remarkably short timeframes. Notably, the smooth launch of the National Bank of Iraq’s branch in Saudi Arabia within just 45 days enabled an enhanced banking experience for customers.

Additionally, Capital Bank streamlined operations through the acquisition of Jordan’s Bank Audi, strengthening its presence in the Jordanian market and improving operational efficiency. The bank also effectively managed the challenges of merging with Société Générale – Jordan, ensuring a seamless transition and consistent experience for customers.

Izzidin Abusalameh, Capital Bank Group’s Chief Operations Officer, stated, “We take pride in receiving this prestigious award from IBS Intelligence, a testament to our commitment to continuous innovation and operational excellence. Our partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.”

Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, said “On behalf of IBS Intelligence, I’d like to congratulate the teams at Capital Bank of Jordan and Temenos for their well-deserved win in the category of ‘Best Core Banking Project Implementation’ at the Global Fintech Innovation Awards 2023. This collaboration also showcased the reliability and robustness of Temenos’ platform. The partnership between Temenos and Capital Bank of Jordan was instrumental in the smooth technology integration during major acquisitions that the bank undertook.”

The core banking solutions contributed to Capital Bank’s achievements, elevating operational efficiency. This translated into significant cost savings and operational flexibility, and operations efficiency directly benefiting customers with faster and more accurate transaction processing and immediate service requests, ultimately enhancing customer retention rates.

Lee Allcorn, Managing Director – MEA, Temenos, said, “Congratulations to our client Capital Bank on this well-deserved award that recognizes the success of its core banking modernization with Temenos. Capital Bank is an exemplar of what is possible with a modern, agile platform and the latest banking capabilities. With Temenos, Capital Bank is future-ready and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”