Federal Bank is a fast growing premier Private Sector Bank in India with business exceeding INR 8600 million ($ 1600 million). The bank has 1010 branches, 28 administrative offices, 1100 ATMs and a customer base of 6.5 million across the country. Technology has played a major part in the bank’s aim to differentiate itself to its customers.
In 2009, Kotak Bank decided to transform its Core Banking Solution (CBS). The existing platform for retail and corporate banking had not been updated even once in the last 7 years, and was laboring under the load of the bank’s rapid growth. The bank considered a number of core banking technology vendors, before shortlisting Finacle.
ING Vysya bank’s existing Internet banking solution suffered from lack of integration, coding problems and architectural inefficiencies, all of which impacted the quality of user experience. Integrating the solution was imperative, but was also riddled with challenges, such as the existence of numerous platforms.
DBS Bank’s Emerging Markets and Overseas Countries (EMOC) were running numerous different legacy systems, many of which were “end-of-lifeing.” The loose connection of fragmented systems hampered the bank’s abilities to optimize its overseas entities, limiting expansion into those markets.
Core transformations can be a rigorous and lengthy process, where complexities and risks abound. Combine a core migration with a merger of two large financial institutions, and the challenge becomes exponentially greater.
BankDhofar, one of the leading banks in the Sultanate of Oman, operates 59 branches, a large network of ATMs across the country, and has assets worth over RO 1.6 billion. In end 2008, the bank started a core banking transformation project, migrating from legacy banking technology to Finacle, and changing much of the banking application portfolio and infrastructure with it. The Finacle implementation at BankDhofar was completed in 18 months.
Hatton National Bank (HNB) Plc is one of the largest and one of the oldest private sector banks in Sri Lanka. The bank traces its roots to the Hatton Bank founded in 1888. HNB offers personal banking, corporate banking, development banking and international banking services. The bank also offers treasury services, mortgage financing, financial advisory and stock broking and insurance services through its subsidiaries.
Bank Sohar core banking implementation (Phase1) was carried out before the bank formally opened its doors to the public within a record breaking timeframe of 56 days. All the basic features of the retail loan product in the corporate loan module was also built in, positively impacting revenues from the loans portfolio for the bank.
Bank of Baroda began its transformation journey by migrating to Finacle core banking and e-Banking solutions that replaced 8 other disparate legacy systems across its branches in 18 countries. The bank’s ‘One solution. One strategy’ stance was a strategic move to deter vendor-dependence that hampered the bank’s business users when they designed new products and updated business rules.
Federal Bank decided to adopt a centralized architecture for better efficiency, more control and for meeting challenges of the future. After a rigorous selection process, Federal Bank decided to adopt innovative technology by procuring Finacle universal banking solution from Infosys to fuel its retail core banking transformation initiative.
HPB was impressed with the flexibility provided by Finacle treasury solution through its robust customization infrastructure. Finacle treasury solution replaced the bank's legacy system and helped strengthen its competitive position by enabling innovation, greater process efficiencies as well as by meeting the new regulatory requirements, including Basel II.
Bank of Alexandria has a wide network of branches spread across Egypt. Prior to deploying Finacle, the bank’s branches worked on loosely connected disparate decentralized, mainframebased systems. Approximately 150+ ATMs were in use, working on ARKSYS switch. The bank had a branch automation system deployed at its 25 largest branches to meet retail,corporate and trade finance requirements.
Prominent international bank ABN AMRO Bank’s wholesale banking focus in India changed to retail banking in the 1990s, driven by strategic business imperatives and increased competition. Finacle, which replaced the bank’s AS/400-based ICBS solution from Fiserv, has delivered on all key factors like flexibility, integration with multiple delivery channels and reduced TCO.
Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland.
Founded in 1999 at the inception of European Monetary Union and in anticipation of the rapid development of the Euro denominated credit markets, European Credit Management has €21.3 billion in assets under management, invested in European corporate bonds, bank capital, European emerging markets, asset-backed securities and leveraged loans.
Established in 1894, First Bank of Nigeria Plc found itself in a unique position as, despite its size and reputation, there were challenges to maintain the leadership position in a market that was as dynamic as it was competitive. After a rigorous evaluation process anchored by Accenture, the bank zeroed in on Finacle universal banking from Infosys.
India’s second largest bank and among the Top 250 in the world, ICICI Bank is a universal bank offering a well diversified portfolio of financial services. The bank has assets of over US$ 41 billion and over 14 million customers through a network of about 570 branches, 2000 ATM's and a 3200 seat call center.
IDBI Bank is the commercial banking venture of leading development and financial institution of India, IDBI. After a detailed and rigorous evaluation, Finacle was deployed at IDBI Bank to power its retail and corporate banking, trade finance, as well as consumer and business e-banking operations.
The strongest capitalized bank in Jamaica, National Commercial Bank (NCB) is regarded as a pacesetter in the Caribbean financial sector. A series of mergers and acquisitions in the early 1990s had created conflicts within NCB because of differences in culture and, more importantly, their diverse IT infrastructures.
The largest bank not only in Saudi Arabia but all of the Middle East, the National Commercial Bank (NCB) is committed to delivering better service to its customers by leveraging technology. NCB offers some of the most modern services in the banking world, with an estimated 72% of customer transactions being executed through alternative delivery channels.
United Bank for Africa PLC (UBA), the largest financial services institution in sub- Saharan Africa today, is a product of the first successful merger transaction in the history of Nigerian banking. Determined to leverage on a robust IT infrastructure designed to achieve excellent service delivery, UBA opted for Finacle universal banking solution, comprising core banking, corporate e-banking, alerts, CRM and treasury solutions from Infosys.
Among the top ten banks in Philippines, Union Bank of the Philippines (UBP) aims to become the most preferred bank leveraging new generation technology. UBP was the first amongst the top tier banks in the region to move from a legacy mainframe platform to open standard UNIX platform and a new-generation core banking solution, Finacle from Infosys.
ANZ Bank is the third largest Australian bank, with assets of A$392.6 billion as of end-2007 (US$1 = A$1.05 as of April 2008). Among the country’s Four Pillar banks - composed of National Australia Bank (NAB), Commonwealth Bank of Australia (CommBank), ANZ Bank, and Westpac Banking Corporation (Westpac), the bank is the most aggressive in expanding operations to other geographies.