Banking Fintech News

Leumi UK Completes Core Banking Upgrade with Finastra

AIO and Finastra awarded $1M grant from the BIRD Foundation to expedite banks' customer onboarding and loan origination

Leumi UK, the London subsidiary of Israel’s largest banking group, has selected Finastra, one of the world’s largest fintechs, to upgrade its core banking systems.

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For Leumi UK, this is the culmination of an extensive bank-wide programme to boost the efficiency of internal processes. The upgrade provides a solid foundation on which to make further improvements to the speed and functionality of Leumi UK’s processes.

The enhanced core banking system is a fundamental component of Leumi UK’s new IT strategy, as defined by Chief Technology Officer, Alon Shmuel. This will enable the bank to focus on business growth, as it builds momentum in its specialist areas of hotel and property finance. With this latest technology in place, it is now better equipped to onboard new business and ultimately improve the overall customer experience.

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Alon Shmuel, Chief Technology Officer at Leumi UK, says: “This upgrade is part of the promise to our customers to constantly build upon the services and solutions we offer. Thanks to Finastra, we can ensure that we are using the latest software and most up-to-date technology to provide an even better, faster service to our customers. We are very grateful to Finastra for the expertise, dedication and professionalism they exhibited as we undertook this ambitious endeavour together. Their support allowed us to complete the project in under nine months, despite the challenges we faced from the Coronavirus pandemic.”

John Mitchell, Vice President Global Services Europe at Finastra said, “Finastra has worked hard to deliver a robust services strategy that enables us to support customers, like Leumi UK, and help them to achieve their goals, whether for a new implementation or a core upgrade. This is particularly crucial with current restrictions preventing us from being on the ground with our customers. We are delighted to support Leumi UK during its transformation and pleased that we were able to complete the project together ahead of schedule. Our collaborative working relationship was a significant mitigation to the challenges faced with the onset of the pandemic.”

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