Prabhu Bank Limited, Nepal Deploys Infosys Finacle to Power its Digital Banking Strategy

Industry leading core banking solution will help drive deeper customer engagement, innovation led growth, and operational excellence for the bank

Bengaluru, India and Kathmandu, Nepal – September 15, 2020

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY) and Prabhu Bank Limited, a leading banking and financial services group in Nepal, today announced the successful implementation of the Finacle Core Banking Solution. Prabhu Bank is now well positioned to scale its retail and corporate operations and provide customers a digital experience, with an enriched product and services portfolio.

Highlights:

  • New customers onboarding and opening new accounts, complete with all features enabled, will now be possible in just 15 minutes. Since implementation, Prabhu Bank Limited has on-boarded more than 1.4 million accounts on the new platform
  • The bank can now offer tailored products to its customers based on a unified customer view and embedded insights, in real time, across channels. It also has the advantage of embedded analytics to gain deep insights and customize offerings, throughout the customer journey
  • Ease of business process orchestration has ensured more control and significant improvement in productivity across front-to-back office operations. Digitization and automation across processes will help lower costs of servicing and improve quality of experience
  • With an open solution, the bank is well placed to accelerate ecosystem-innovation strategies to deliver differentiated offerings to its customers

CAS Total Solutions, an Infosys Finacle business partner, played an integral part in implementing the solution stack at Prabhu Bank. With their in-depth understanding of local banking practices and experience in implementing Finacle, they supported an efficient and accelerated delivery.

Ashok Sherchan, Chief Executive Officer, Prabhu Bank, said, “At Prabhu Bank, we keep our customers at the center of all that we do. To power our mission and our growth strategy in the coming years, in an increasingly competitive environment, we felt the need for a modern platform to provide differentiated solutions and ultimately enhance the customer experience. With its growing deployment base in Nepal, Finacle is a proven solution for our needs. We are confident that the functionally rich and technologically advanced platform will support our growth aspiration and provide a world-class banking experience for our customers”

Sajit Vijayakumar, Senior Vice President and Chief Operating Officer, Infosys Finacle, said,” Prabhu Bank now has an industry-leading core banking solution to accelerate their digital transformation at scale, while leveraging Finacle’s flexibility and openness to create differentiated and tailored offerings for its customers. Through this deployment, Prabhu Bank has also gained a strong foundation to boost agility and efficiency of operations, and significantly improve customer experience across channels. I am delighted that the transformation is delivering compelling business value for the bank, a fact that has made us the preferred partner of choice for a vast majority of banks in Nepal.”

Omesh Lal Shrestha, Managing Director, CAS Total Solutions, said, “Adopting the latest in banking technology is essential for banks in Nepal to compete and innovate in the contemporary, international banking landscape. A modern banking platform at Prabhu Bank provides the bedrock on which the bank can build its growth plan. We are delighted with the successful deployment of the industry’s leading core banking solution at Prabhu Bank to ensure that they attain their business objectives of growth and customer centricity.”

 

About Prabhu Bank

Prabhu Bank Limited is a leading banking and financial services group in Nepal. The bank is an ‘A’ class commercial bank licensed by Nepal Rastra Bank and has branches across the nation with its head office in Kathmandu. Personalized service and wide networks are key strengths of the bank. The bank has been undertaking activities such as variety of deposit schemes, loans and advances, Foreign exchange facilities, Trade financing, Inward & outward remittances, market maker for government securities, Non-Fund based service like issuing guarantees, letter of credits and many more. To learn more, visit www.prabhubank.com.

 

About Infosys Finacle

Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.

Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others. To know more, visit www.finacle.com.

 

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

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