Red Hat, Inc., the world’s leading provider of open source solutions, announced that it has collaborated with Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt to modernise its digital banking solutions. Adopting Red Hat’s hybrid cloud solutions, Bank NXT has significantly streamlined its operations, reducing deployment times for new digital services by 40% and doubling the frequency of updates and feature releases.
Financial Technology News: Galileo FX Launches Performance Page for Simplified Trading
Our collaboration with Red Hat has revolutionized our operational efficiency, enabling us to innovate at an unprecedented pace. Hesham Daabes Senior Group Head for Support, Bank NXT
Headquartered in Cairo, Egypt, Bank NXT was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978. The Bank offers banking services for individuals through its wide spectrum of retail banking products in addition to its corporate banking services for businesses and institutions through providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt’s overall economic and social development, as well as, providing investment and treasury services..
To keep up with growing demand, Bank NXT worked with Red Hat to integrate Temenos and Mindgate’s digital solutions with Red Hat’s hybrid cloud technologies. These solutions have enabled the bank to modernise its infrastructure, optimise its operations, and deliver improved services to customers.
Built on a foundation of Red Hat Enterprise Linux and Red Hat OpenShift Platform Plus, Bank NXT was able to achieve a 40% reduction in deployment time for new digital services, enabling the bank to quickly introduce innovative features and respond to market changes. Additionally, the bank streamlined processes and reduced manual tasks using Red Hat Ansible Automation Platform, improving operational efficiency by 30% and reducing incident resolution times by 20% with the protection of Red Hat Advanced Cluster Security. This enabled Bank NXT to deliver innovative features faster, enhance customer experience, and strengthen security measures to protect sensitive customer data.
Bank NXT has significantly enhanced its mobile and internet banking services, leading to increased customer satisfaction and loyalty. The bank has successfully integrated with the Egyptian Banks Company for instant payments, providing a seamless experience for customers. Additionally, robust security measures have been implemented to protect sensitive customer data and ensure compliance with industry regulations.
Financial Technology News: KuCoin Settles With DOJ Focuses on Compliance and Growth
Adrian Pickering, regional general manager of MENA, Red Hat
“Bank NXT is on a mission to adapt to the evolving needs of its diverse clients and customers, embarking on a transformative journey to provide accessible financial solutions in Egypt. We are proud to be helping the Bank speed up its development lifecycle to release new features and updates using Red Hat’s hybrid cloud technologies and look forward to supporting its approach to providing quick, distinctive services to its customers.”
Hesham Daabes, senior group head for support, Bank NXT
“We are excited to partner with Red Hat to help bolster Bank NXT’s digital transformation efforts. Red Hat’s innovative solutions have significantly improved our operational efficiency, enabling us to rapidly deploy new features and enhance our mobile and internet banking services. This collaboration empowers us to deliver exceptional customer experiences and drive growth.”
Financial Technology News: WTW Appoints Mark Mamone to Drive Growth in Insurance Tech
Source – PR Newswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
