IT services provider Ness Technologies has been awarded a $4 million contract by Israel’s Mizrahi-Tefahot Bank to computerize the bank’s provident funds for planholders. The choice of Ness Technologies was made by ITeam, the bank’s IT subsidiary.
As part of the agreement, Ness Technologies will implement a core banking system at Mizrahi-Tefahot Bank to manage the assets of provident fund planholders. The system will support existing and new products and will be adapted to the new regulatory requirements in Israel.
The new system, which will be installed in the bank’s branches, will enable customers to receive current, reliable information on their provident fund accounts, through various channels, while meeting the new banking industry requirements.
We consider this project a significant opportunity for Ness Technologies, combining advanced mechanisms for overseeing processes related to provident fund management, said Shachar Efal, president of Ness Israel. These mechanisms, and the fact that the system is built in a user-friendly and intuitive manner, will significantly streamline the bank’s activities and getting information to the customer, and will provide a powerful managerial tool for tracking and control.
Yosef Nitzani, Mizrahi-Tefahot’s vice president for customer assets and consulting, sees the system as an enhancement of the bank’s ability to provide complex operational services to provident fund planholders. This is an intelligent platform that will significantly upgrade the service provided to our current customer base, said Nitzani. With this system we will be able to increase the number of customers and use the system as an additional growth engine for the bank’s businesses.