Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and MauBank, a leading bank in the Republic of Mauritius, today announced the bank’s successful adoption of Finacle’s Leasing Solution for its strategic leasing services business. MauBank’s leasing system will run on a single platform that enables higher operational efficiency, reduced costs and an enhanced banking experience for its customers.
The merger of Mauritius Post and Cooperative Bank (MPCB) and National Commercial Bank (NCB) in January 2016 created the new MauBank, which is powered by Infosys Finacle Solutions that includes Core Banking, Online Banking, Treasury and Alerts. Furthermore, NCB's subsidiary Mauritius Leasing Company, offering leasing products, was also integrated into MauBank and the Finacle Leasing Solution was chosen to replace its earlier legacy third-party platform.
- The implementation was completed in 10 weeks, with zero impact on ongoing customer services
- The bank has increased operational efficiency by over 40 per cent with the optimization of processes through the Finacle Leasing Solution
- With the new solution, the bank has eliminated duplicate systems and unified various components, achieving a 20 per cent saving in maintenance costs
- Automation of processes like statement generation, late fee computation and reconciliation, among others, have resulted in a significant drop in human error and person dependencies
- Integration of the new leasing solution with rest of the enterprise applications has ensured consolidation and optimization of customer data into a single source. This supports faster resolution of customer requests and enables the bank to make targeted offerings, thereby improving the end customer experience significantly
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle:
"Simplifying the technology footprint is a critical step in renewing legacy systems and moving towards a truly digital banking experience. Following the merger, MauBank has been very progressive in its decision to consolidate and modernize its banking systems. The latest step towards a unified platform for their leasing services will ensure a sound technology foundation for the bank, enabling growth, profitability and a smarter banking experience for its customers."
Sayyad Khodabocus, Head - IT Applications, MauBank:
"MauBank is committed to being the most progressive and preferred bank in Mauritius. Our aim of ensuring world-class banking services along with industry leading growth, is tied to consolidating our operations on best of breed banking platforms. We believe the Finacle Leasing Solution will help us scale our leasing operations and boost productivity, thus positioning the service line as a key business driver."
MauBank Ltd started its operation on the 4th January 2016 following the merger of National Commercial Bank Ltd (NCB) with Mauritius Post and Cooperative Bank Ltd (MPCB). MauBank Ltd is held by MauBank Holdings Ltd which is itself a wholly state owned company.
MauBank operates Retail, SME and Corporate banking business locally and internationally for individuals and businesses. The Bank’s distribution network consists of 24 branches and 36 ATMs across Mauritius including internet banking to deliver proximity services to its customers. The bank also provides basic banking services across the post office network operated by Mauritius Post Ltd.
MauBank is an ideal platform offering a wide choice of financing, deposits and transactional facilities to meet personal, small & medium enterprise (SME), corporate, global business and retail banking requirements. The Bank has strong capabilities to build solutions around the needs of its customers through innovative banking products and services as a key differentiator. The Bank is providing dedicated and specialized SME banking solutions through 10 out of its 34 branches.
About Infosys Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product 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 consumers – estimated to be nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address core banking, online 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 banks in the world reveals that institutions 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.
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