Demand for enhanced customer experience and operational efficiency drives replacement of legacy lending system
Bengaluru and London – September 28, 2017
Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced that Mediterranean Bank (the Bank), one of the leading Maltese banks, has gone live on the Finacle Lending Module. The Bank has replaced its existing lending solution with Finacle to provide a unified, consistent platform for its corporate customers.
The move to Finacle Lending will provide the Bank a flexible solution with the ability to offer various types of loans to meet customer requirements faster and at a lower cost, thereby enhancing its overall revenues. The Lending Module is a new addition to Mediterranean Bank’s existing suite of Finacle applications, which includes Finacle Core Banking, Treasury and Corporate Online Banking. Over the years Mediterranean Bank has successfully extended its services beyond Malta by opening a bank subsidiary in Belgium, leveraging the multi-entity capabilities of the Finacle solution suite.
Charles Cini, Head of Corporate Banking at Mediterranean Bank said, “The new Infosys Finacle Lending Module will allow us to provide the highest quality service to our corporate customers, whilst driving operational efficiency with a modern platform. We look forward to improving our risk management capabilities and simplifying and extending our business lines for our customers’ benefit.”
Sanat Rao, Chief Business Officer and Global Head at Infosys Finacle said, “The Finacle Lending Solution provides banks the agility and the scalability to respond to shifting customer needs and market requirements in the burgeoning digital era. Replacing its legacy lending system with a modern offering like the Finacle Lending Solution will not only present Mediterranean Bank with new business opportunities, but also enable the bank to provide a rich, modern banking experience to its customers.”
Mediterranean Bank is a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA). The bank’s principal activities are corporate lending and the provision of banking services primarily to the mass affluent sector, focusing on savings, wealth management, investments and corporate banking. The bank has experienced continuous and sustained growth over the last eight years, and it is now the third largest credit institution in Malta.
The Mediterranean Bank group has grown organically as well by deploying a successful acquisition strategy. In 2014 Mediterranean Bank bought Volksbank Malta Limited, a subsidiary of Volksbank Austria providing banking services to the Maltese retail and corporate sectors, and merged its corporate loans portfolio with its existing corporate banking services. In 2015, Medifin Holding Limited, the holding company of Mediterranean Bank, completed the acquisition of Charts Investment Management Service Limited, a local investment services company, thus further strengthening its presence in the local market for investment services.
As well as growing locally, Mediterranean Bank has also grown internationally through its Belgian subsidiary, operating an online savings, investment, and wealth management platform under the MeDirect brand. For further information, visit https://www.medbank.com.mt/
Infosys Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers – estimated to be nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com
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