San Francisco, CA, USA
July 10, 2007Three Cores in One: Core
Consolidation at MKB Bank
Report Published by Celent
MKB Bank doubled its efficiency in some
departments by migrating from three old core systems to a single modern
one.
MKB Bank, the third largest bank in Hungary, had
three separate core systems that it decided to migrate to a single modern
system. The new core solution, the Globus system, doubled efficiency and
allowed the bank to implement changes quickly. In the new Celent report, Three
Cores in One, Celent examines the lessons learned from MKB Bank's
success.
In July 2006 the Hungarian government passed a law
requiring taxes on interest income, and a 20% withholding tax submitted
monthly by banks in Hungary. The law was to become effective September 1
of that year. With the deadline only two months away, MKB Bank had to act
quickly to update its systems to handle the new requirements. MKB Bank
successfully implemented this project by the deadline on the Globus
system, a project that would have been impossible with it’s previous
core systems.
“A modern core system provides both
efficiency and flexibility,” says Bart
Narter, author of the report and senior analyst in the Banking group
at Celent. “MKB also needed an international system that would allow
them to easily convert to the euro."
A table of contents is
available online.
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