Bangalore, Mumbai: May, 3rd, 2012
Infosys, a global leader in consulting and technology, and Ratnakar Bank, a major player in private sector banking, today announced a strategic partnership for the bank's universal banking platform. Infosys will implement Finacle™ core banking solution to support Ratnakar Bank's objective of client-centricity, product innovation and scalability for future growth.
The bank aims to grow its number of branches to 125 in the next three months, and to about 300 over the next three years. Ratnakar Bank also seeks new business opportunities by launching several new products across various verticals. To fulfill this objective and gain a competitive edge, the bank intends to leverage best-in-class banking practices on a new-age technology platform.
Speaking on the selection, Mr. Vishwavir Ahuja, Managing Director and CEO, Ratnakar Bank said "In the transformation of the bank to a vibrant new-age entity, technology will play a critical role. Since we have least legacy we believe that bringing in the latest technology will become one of our key differentiators. We are the one of the first few banks that will install the latest version of Finacle from Infosys. This aids our technology strategy and with this we future proof our core banking system."
Ratnakar Bank's upgrade from the legacy banking system to a new-age platform will help it effectively overcome the challenges of managing operational change. It will also enable the bank to have a 360 degree view of customer relationships which in turn would improve customer experience and enhance loyalty. This alliance will also facilitate seamless integration between all the banking channels, including online, mobile and branch thus enhancing operational efficiency and lowering transaction costs. Finacle will help the bank enhance its speed to market, in terms of product/service delivery, by supporting its expansion across both urban and rural markets of the country.
"One of the pre-requisites at Ratnakar Bank in selecting its core banking solution technology partner was for the product to have the flexibility to adapt to a dynamic environment to offer new products and services to our customers. Finacle has been able to provide the Bank with a comprehensive, integrated yet modular business solution that effectively addresses our strategic and operational challenges. We are happy to have chosen an excellent partner in Infosys to support our growth ambitions. " said Mr. Nitin Chopra, Head - Consumer & Retail Banking at Ratnakar Bank.
Research studies indicate that 48% of customers globally plan to change their banks due to poor service levels. Finacle will play the critical role of helping the bank streamline operational efficiencies and enhance customer service. It is estimated that 11% of Indian banking customers are likely to change their banks in the future. Leveraging Finacle, Ratnakar Bank will also be better positioned to right sell personalized offerings, bundled products and an enriched segment-specific product portfolio to customers.
According to Haragopal Mangipudi, Global Head - Finacle™, Infosys, "This deal underscores the success of our product roadmap to offer banks a one stop shop for all their banking needs. Our consistent R&D investments ensure we deliver openness and best of breed functionality to improve efficiencies and enhance product delivery capability and in turn, increase profitability for our clients. We are delighted to be helping Ratnakar Bank transform its business to deliver the agility and adaptability it needs to effectively perform in an increasingly competitive market".
Ratnakar Bank is a scheduled commercial bank established in 1943, with registered office at Kolhapur and a rich business legacy in the region serving the trading, agri & manufacturing sectors through a network of 105 licensed branches spread across Maharashtra, Gujarat, Delhi, Karnataka & Goa. It has assets of around Rs. 7,300 crores and a business volume of nearly Rs. 9,000 crores as of March 31, 2012. The Bank's leadership includes a highly experienced team with strong credentials. For more information, please visit www.ratnakarbank.co.in.
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.infosys.com/finacle
Many of the world's most successful organizations rely on the 150,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise. For more information about Infosys (NASDAQ: INFY), visit www.infosys.com
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