EON Bank Group of Malaysia has implemented the Power 550 Express server to accelerate the bank's transaction processing and improve its back-end systems, allowing faster data access with applications running 24/7. The $5.3 million (RM20 million) investment was made to upgrade the group's core banking applications and disaster recovery site, which is expected to further improve the banking group's commitment, delivery, and efficiency to its customers.
Speaking at a press conference with IBM Malaysia and Silverlake Group to announce the implementation, Albert Lau Yiong, EON Bank Group chief executive officer, said, "We are proud to be the first financial institution in Malaysia to acquire this new system, which will improve business responsiveness and customer service efficiency."
EON Bank Group has been emphasizing higher customer satisfaction through the introduction and implementation of various initiatives in the past year as part of its "Project Quantum Leap," where strategic initiatives, including improving the bank's underlying organization structure and systems and processes, have been formulated.
"In order to serve our customers better and become the customers' bank of choice, it is critical that we continuously improve our performance and service level. We have tested the IBM Power 550 Express and found it to be stable, scalable, and flexible, which are the three necessary criteria to support EON Bank Group's projected business growth in the next five years," said Lau. "This system upgrade establishes new benchmarks for innovations and responsiveness that others in the local banking sector will be challenged to match."
The IBM Power 550 Express allows more applications to run on fewer servers hence reducing the infrastructure cost. The system reduces management, maintenance, and licensing costs, and can be easily scaled to suit EON Bank's expansion plans.
"This system makes it possible for EON Bank Group's applications to run faster and be more responsive, which can result in added business advantages and higher client satisfaction. The near-continuous application availability also enables EON Bank to improve the efficiency and ensure business continuity," said Ou Shian Waei, managing director of IBM Malaysia.
"IBM is committed to helping EON Bank Group grow and transform its business through our most advanced, proven solutions and rich industrial experience."
The system, which will go live on March 8, is being implemented by EON Bank Group jointly with Silverlake Group.
Ronnie Tan, president of Silverlake Group, added, "Silverlake Group is recognized as the market leader in providing and implementing core banking solutions in the banking and finance industry in Asia Pacific. As a strategic IT partner of the EON Bank Group, we will leverage on these successful experiences and expertise to continuously help EON Bank Group in enhancing their Silverlake integrated core banking solution to support the Bank's business strategy."
The IBM Power 550 Express, which was launched locally last November, delivers the outstanding performance of the POWER6 processor.
About EON Bank Berhad
EON Bank Berhad is a licensed banking and finance company operating under the regulations of Bank Negara Malaysia under the provisions of the Banking and Financial Institutions Act 1989. EON Bank is principally engaged in the provision of a comprehensive range of financial products and services. EON Bank's subsidiary EONCAP Islamic Bank Berhad has five full-fledged Islamic Banking branches, which offer Islamic shariah-compliant financial products and services, which include deposit products, consumer financing products, business financing as well as corporate and investment banking activities. The investment bank licensed under the Banking and Financial Institutions Act 1989, MIMB Investment Bank Berhad is a wholly owned subsidiary of EON Bank Berhad. MIMB Investment Bank provides full client services in key areas of investment banking including corporate finance advisory, structured finance, equity and debt capital markets, placements, underwriting and stock broking activities under its subsidiary. EON Capital Berhad is the holding company of EON Bank Berhad. EON Bank Group intends to be one of Malaysia's leading financial institutions, offering innovative products and services, and has positioned itself as an efficient, customer-focused and relationship driven financial institution. As of Feb. 19, EON Bank Group's branch network consists of 139 EON Bank branches and 1 MIMB Investment Bank branch with a total of nearly 6,000 employees. For more information, please visit www.eonbank.com.my.
About IBM
For more information, please go to www.ibm.com.
About Silverlake
Silverlake is a leading Software Solutions and Outsourcing Services Provider, and System Integrator committed to delivering high quality and state-of-the-art industry solutions serving the needs of Financial Services, Capital Market, Airlines, Utilities, Retail and Public Sector Customers. Silverlake has over 1,700 employees in Silverlake and related entities located across offices in Asia Pacific, Middle East and USA. Our customers include many of the region's most prominent financial institutions. Silverlake is well recognized as one of the largest and most successful IT solutions providers in Asia Pacific. Silverlake is an authorized reseller and certified implementer of the Silverlake Axis Integrated Banking Solution (SIBS) and has implemented the award winning solution since 1989. For more information, please visit www.silverlakegroup.com.
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