Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced that Fidelity Bank Plc., Nigeria, one of the fastest growing Commercial Banks in Africa, will migrate its core banking platform from Finacle version 7 to Finacle version 10. The migration, which is part of the bank’s transformation initiative, will enhance its operational efficiency, strengthen innovation capabilities and support scalable growth. Finacle version 10 will enable the bank to implement services such as SME banking, management information system reporting, application monitoring, and disaster recovery automation.
- The multi-country migration to Finacle version 10 will enable the bank to operate 24/7 across channels and currencies
- It will help the bank with in-depth customer analytics, right-sell opportunities, and personalized offerings
- The deployment will also create new business opportunities through offerings such as liquidity management, top-up deposit, flexi-fixed deposit, enhanced channel transaction controls, rebates and clawbacks, bill payments, securitization, top-up loan, and subsidy
Michael Reh, Executive Vice President and CEO (designate), EdgeVerve:
"Banks in Africa have shown strong growth outlook over the last few years. Technology and a reliable technology partner are crucial for this growth. Finacle has a proven track record in Africa, having helped our clients there attain exceptional growth through industry-leading solutions and committed partnerships. We look forward to supporting Fidelity Bank in delivering a value-driven experience to its customers and achieving market-leading growth.”
Lazarus I. Okolie, General Manager and Chief Technical Officer, Fidelity Bank Plc., Nigeria:
“In today’s intensely competitive landscape, it is imperative for us to do nothing less than delight our customers, to grow our business. Over the past eight years, Finacle has provided a stable platform to help us constantly focus on delivering superior customer value cost-effectively and in a user-friendly manner. We believe the upgrade to the new-generation Finacle solution will further aid our long-term business objectives and create new avenues for revenue growth.”
About Infosys Finacle
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 84 countries and serves over 547 million customers – 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.
About EdgeVerve Systems
EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today, EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Infosys Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.
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