Allied Banking Corporation (Hong Kong) has successfully migrated its core banking operations to the cloud, upgrading from Finastra’s Equation core banking solution to its next-generation Essence solution in the process. Finastra has also employed its Retail Analytics solution for Allied Banking Corporation, intending to revolutionise its reporting capabilities.
The banking corporation's significant move to cloud-based services is a notable shift towards contemporary, future-proof technology. This move is projected to reduce costs, increase efficiency, and create new potential for future developmental growth in the banking industry.
Siobhan Byron, Executive Vice President, Universal Banking, at Finastra, remarked on the development. “We are delighted to help Allied Banking Corporation with their ongoing commitment to delivering a truly innovative banking experience. Transitioning their core banking operations to the cloud is the next step in this strategy.”
Continuing, Byron detailed the broader trends and implications, "As banks seek to modernise their core banking systems, most either host on-prem or adopt a hybrid model. The success of this project proves that it is possible to not only move directly to the next gen systems on the cloud, gaining the efficiency, innovation and agility benefits that brings, but it is also possible to do it while maintaining the highest levels of customer service," she stated.
Allied Banking Corporation's Chief Executive, Lourdes A. Salazar, explained the motivations behind the choice to upgrade to Finastra’s next-gen solution and migrate to a cloud-based system. “Replacing our core system and migrating to the cloud at the same time was a significant decision, but Finastra worked closely with our team to enable a smooth transition for our customers."
She further highlighted the benefits of taking this bold step. "Acting boldly has enabled us to reap the benefits of a cloud-based SaaS model, letting us refocus our business teams towards customer management and growth activities while Finastra takes care of our technology.”
Finastra’s Essence system offers customers comprehensive coverage of critical banking products while also allowing the agility to shape the future of banking. The Finastra Retail Analytics system aids banks in generating operational, management, and regulatory reports swiftly. It automates and produces reports, which can be viewed by internal and external auditors, eliminating the need for physical report generation from the core banking system.
Byron concluded by highlighting Allied's digital transformation brought about by this transition. "This has accelerated Allied’s digital transformation and we look forward to helping them become even more competitive in the future.”