Heritage Bank of Nigeria deploys new core banking solution from Infosys Finacle in just 50 days
Heritage Bank, a new entrant into the Nigerian banking market, partnered with Infosys to successfully implement the Infosys Finacle banking solution to drive its core banking and treasury business. The implementation was carried out in the midst of aggressive launch timelines. The go-live mandate was set by the Central Bank of Nigeria for Heritage Bank and the program was completed on time, in 50 days. The solution empowers the bank to deliver seamless service to its growing customer base of high net worth individuals (HNWIs), and to roll out new offerings for the small-to-medium business banking segment.
Key implementation highlights
- Automation powering efficiency – With a core banking solution, Heritage Bank will achieve significant automation in both front and back office operations, reducing manual effort and optimizing banking processes. The deployment of a treasury solution delivers straight-through processing (STP) capabilities that will ensure efficient reconciliations and transaction recording and accounting.
- Account and footprint growth – The bank has opened more than 250 customer accounts within just a few days of launching the new solution, and continues to onboard more. Three new branches have been added to its network with plans to grow to 19 outlets by the end of the year
- Target new segments – In addition to the large, existing HNWI user base, which is central to the bank’s business goals, Finacle will enable Heritage Bank to launch fresh product offerings for the small-to-medium business segment to drive business growth
- Branchless banking – Heritage Bank will deploy branchless banking solution from Finacle, which facilitates transactions on mobiles, smartphones and tablets to deliver the convenience of anytime, anywhere banking.
Commenting on this achievement by the bank, Ike Williams, CIO, Heritage Bank said, “Heritage Bank has set out to be a force in the Nigerian banking sector through the effective use of cutting-edge technology. Starting with a world record for the fastest core banking deployment is an indication that we mean business. This project has been quality assured by PwC, so our methodology is top notch. I doubt we could have partnered with a better provider than Infosys on this project.”
On his part, Amit Dua, AVP and Head – EMEA, Infosys Finacle observed, “With this implementation at Heritage Bank, Infosys Finacle again proves to be a key innovation enabler for our banking customers. The deployment of our bank-in-a-box solution on such tight timelines demonstrates our ability to meet customer deadlines. As our 14th customer in the Nigerian market, Finacle understands the bank’s needs and challenges in accelerating their innovation agenda.”