Finastra has made an announcement regarding the successful migration of Allied Banking Corporation (Hong Kong) to the cloud, accompanied by an upgrade from Finastra’s Equation core banking solution to its next-generation Essence solution. This strategic move reflects a significant shift towards modern, future-proof technology, enabling potential for future growth, cost reduction, and increased efficiency.
Lourdes A. Salazar, Chief Executive of Allied Banking Corporation, emphasized the decision to replace the existing core system and migrate to the cloud simultaneously. The move aims to future-proof operations and create opportunities for expansion into new products and services. Finastra collaborated closely with Allied Banking Corporation to ensure a smooth transition for customers, allowing the bank to focus on customer management and growth activities while Finastra manages the technology.
Finastra Essence, described as a next-gen cloud-driven, API-first core banking system, provides comprehensive coverage of key banking products with advanced technology, offering both current functionality and agility for future banking needs. Additionally, the implementation of Finastra Retail Analytics has transformed reporting capabilities for Allied Banking Corporation. This easy-to-use analytics system automates and generates operational, management, and regulatory reports, allowing quick and easy access to historic data and trends analysis.
Siobhan Byron, EVP, Universal Banking at Finastra, expressed delight in assisting Allied Banking Corporation in delivering an innovative banking experience. The successful transition of core banking operations to the cloud demonstrates the feasibility of moving directly to next-gen systems on the cloud, gaining efficiency, innovation, and agility benefits while maintaining high levels of customer service. This move accelerates Allied’s digital transformation, positioning the bank to be more competitive in the future. Finastra looks forward to continuing to support Allied Banking Corporation on its journey.
