U.A.E's RAKBANK Improves Customer Service, Launches New Products With Infosys Finacle

The National Bank of Ras Al-Khaimah (RAKBANK), one of U.A.E.'s fastest growing retail and business bank, today announced the successful implementation of Infosys Finacle core banking solution. The bank is now harnessing the full power of Finacle to better anticipate customer needs, improve customer experience and launch innovative products faster. More than 700,000 customers at RAKBANK have moved to the new solution since June 2012.

Finacle is delivering significant improvements across all 36 branches of the bank. The new solution has enabled RAKBANK to streamline business processes, resulting in higher productivity across branches. Implementing the Finacle core banking solution has helped RAKBANK integrate more than 35 other systems, replace redundant ones and introduce more efficient processes.

RAKBANK now enjoys the benefits of Finacle's Enterprise Customer Information File, a one-stop source of information on customers and their transaction patterns. The comprehensive customer information provided by the system helps the bank bring new products to the market faster. The solution also automates the core functions of the bank's data centers ensuring reduction in manual errors and streamlined operations. In addition, the Finacle e-banking solution that already drives the bank's online transactions works in perfect tandem with the latest solution. The core banking solution supports more than 325,000 accounts and facilitates an average of 250,000 transactions daily across RAKBANK’s various branches.

Mr. Tim Basford, COO, RAKBANK, said: "The Finacle implementation gives RAKBANK a technological leap forward when it comes to improving our products and services. We worked with Infosys to deliver a smooth start-up of the new system, with absolutely no disruption to customer service."

Mr. Haragopal M., Global Head, Finacle, Infosys said: "We are focused on helping banks enrich customer experience and drive business growth. RAKBANK is one of our valued customers in the Middle East. This partnership with Infosys Finacle is just the beginning of a transformation that will help RAKBANK deliver best-in-class banking services to its customers across the region."

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