2018 Winner Profile

Bank Yahav

Project Description:
Understanding that banks should focus on providing financial services instead of building inflated IT departments, Bank Yahav outsourced the creation and the servicing of its IT systems and services. Bank Yahav's core banking replacement project involved replacing its legacy system with an outsourced system based on an off-the-shelf software suite developed by Indian software firm TCS Financial Services. By outsourcing its core bank system, Bank Yahav streamlined hundreds of processes that once required a huge investment in time and human resources. The new system was developed with built-in compliance to international regulations, leading to substantial savings in time. Now that the core banking system has been fully implemented, the bank only requires 60 percent of the staff that had once operated the legacy system. The new system also allows the bank to provide far more services through direct channels, leading to increased revenues in direct service fees. In addition, the system has allowed the bank to fully enter the world of digital banking.
Business Goal:
Competitive Advantage, Customer Experience, Operational Impact, Security & Risk Management
Gadi Davidyan, Executive Vice President, CIO and DIrector of the IT and Technology DIvision
Shaul Gelbard, CEO
Jerusalem, Israel
Financial Services (e.g. Banking, broker and Dealers, Exchanges)
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