Forum discusses customers’ core banking concerns.
The head of core banking at Misys has told Middle East customers that their upgrade route will be simpler, following a new strategy based on service oriented architecture (SOA).
At a conference for users of Equation, a core banking solution used predominantly by retail banks, Guy Warren, executive vice president and general manager, Misys Core Banking, briefed a gathering of around 90 customers on the changes.
"We've been talking to them both about the Equation product and the remap going forward," said Warren. "We've announced a new product strategy that is unified across all of our products, and therefore they want to know what that will mean for them as an Equation user, when it will be available, and what the benefits are."
Warren explained the reasons for the change in strategy. "Historically all of our products have had their own route map - Equation had Equation Plus, and Midas had Midas Plus," he said. "We bought a company last year called Trapedza, and a product called BankFusion which is a single SOA Java-based platform environment which we can integrate back into our existing products so that we can write the software once in BankFusion and it will enhance the existing product sets. For the first time we'll have a consolidated R&D route map that works for all of our customer base."
The conference also discussed the issues facing Middle East banks.
"Here, cost-income ratio isn't the issue, it's expansion," said Warren. "It's expansion of the number of customers in the bank, it's expansion by geography, and by product range.
"Volumes are generally not a problem, so just scaling up for a larger number of customers is fine. The more locations that a bank runs in, the more complex their environment becomes. Very often they need modifications that are local for that environment."
He added that he also expected to see huge growth in trade finance in the Middle East banking sector.