Published on November 9, 2023, 5:12 am
Baiduri Bank, the leading bank in Brunei, is making a significant move towards digital transformation. By replacing its legacy system with a cloud-based core banking platform, Baiduri Bank will be the first bank in the country to adopt this innovative approach. The decision to migrate to the Software-as-a-Service (SaaS) model was made in partnership with Temenos, a renowned provider of core banking services.
The transition to the cloud will commence in 2023 and will be facilitated by Tech Mahindra, an implementation partner specializing in digital transformation solutions. This strategic investment marks a crucial milestone for Baiduri Bank’s ongoing journey to enhance operational efficiency, analytical capabilities, and most importantly, customer experience.
By leveraging Temenos Banking Cloud on Microsoft Azure, Baiduri Bank aims to revolutionize its customer offerings through tailored personalization while simultaneously reducing time and costs. The adoption of Temenos’ comprehensive range of banking services, including core banking functionalities, data analytics, and financial crime mitigation (FCM), will support Baiduri Bank’s diverse operations encompassing retail and corporate banking, finance management, and wealth management.
Ti Eng Hui, CEO of Baiduri Bank affirmed that embracing flexible and scalable solutions is essential for thriving in today’s ever-evolving digital landscape. He expressed excitement about Temenos Banking Cloud’s ability to provide access to world-class banking capabilities instantly while enabling consumption based on specific requirements. Moreover, Baiduri Bank can progressively modernize its IT infrastructure using a composable banking approach offered by Temenos Banking Cloud which facilitates faster deployment of new services at scale and cost-effectively.
Looking ahead into the future, Baiduri Bank aspires to expand its service offerings beyond traditional banking by leveraging Temenos’ open and composable architecture. This flexibility allows them to incorporate value-added services that cater to the lifestyle needs of modern consumers.
Craig Bennett, Managing Director – APAC at Temenos, shared his insights on the growing popularity of composable banking in the region. He emphasized that banks of all sizes are embracing this transformative technology stack to enhance their efficiency and agility.
Baiduri Bank is well-positioned to serve diverse customer segments ranging from retail, micro, small, and medium enterprises (MSMEs) to corporate and institutional clients. The bank takes pride in its digital-first approach, providing customers access to a comprehensive suite of digital solutions such as a mobile banking app and dedicated business digital banking services.
Baiduri Bank’s decision to move its core banking system to the cloud reflects a commitment towards innovation, improved customer experiences, and operational excellence. As the first bank in Brunei to adopt this cutting-edge technology, Baiduri Bank is setting new industry standards while aligning itself with global digital transformation trends.
To learn more about Baiduri Bank’s plan to migrate its core system to the cloud by 2023, visit FutureCIO website.