Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced that Al Ahli Bank of Kuwait (ABK), a leading retail bank in Kuwait, has selected Finacle to drive its technology transformation. The bank will deploy the complete suite of Finacle solutions including Core Banking, Trade Finance, Wealth Management, CRM, e-banking, Payments, Treasury, Alerts, SMS Banking, Liquidity Management, Retail, and Corporate Loan Origination. With Infosys Finacle, ABK will be able to achieve high operational efficiencies, accelerate growth and manage scale-ups easily, while delivering a digital age banking experience to its customers.
- With Finacle, ABK will move from a collection of product processors to an integrated system, which will provide a robust customer service and reporting platform
- Finacle solutions are offered as a well-integrated suite, with enterprise capability architecture that will enable the bank to provide 24/7 services
- The agile technology platform will allow the bank to integrate other existing and planned systems easily, across geographies
- With the in-built product factory capability from Finacle, ABK will be able to create and launch products easily, with swift go-to-market
- The bank’s customers will benefit from customized offerings and a world-class banking experience across any channel
Michael Reh, Executive Vice President and CEO (designate), EdgeVerve:
"In a world that is being irrevocably digitized, banks will need to fundamentally transform themselves to adopt a technology-led, client-centric model. With this transformation program, ABK joins a select group of banks in the Middle East, enabled with a proven, industry-leading technology platform to deliver superior value to its customers and drive innovation. Building on our partnership with ABK, Finacle is well poised to extend similar partnerships with banks across Kuwait and the Middle East to help them achieve a digital transformation for accelerating growth and profitability."
Abdulla Alsumait, Deputy Chief General Manager, ABK:
"At ABK, we are committed to creating a ‘simpler’ banking model for our customers - one that specifically offers convenience, security and speed. This comes as part of our ‘Simple Banking’ strategy, and we are excited to partner with Infosys Finacle, which is one of the global leaders in core banking systems. We look forward to working with Finacle to achieve our goal of transforming the technology landscape at ABK and to enhance our service offerings to our customers, in every way."
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.
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About EdgeVerve Systems Ltd
EdgeVerve Systems, a wholly owned subsidiary of Infosys, 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. 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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About Al Ahli Bank of Kuwait
Al Ahli Bank of Kuwait (ABK) was established in 1967 with its Head Quarters located in Kuwait City. The current capital is KD 161,916,623. The Bank recently acquired Piraeus Bank of Egypt (PBE), adding 39 branches to the ABK network to reach 72 branches in total. ABK has also made key strategic alliances with world-class financial partners. Co-branding with Emirates Airline on ABK credit cards has ensured they have become a popular method of payment, allowing cardholders to earn and redeem Skywards Miles.
ABK’s efforts and performance have been recognized throughout the year with prestigious awards including: ‘Best Retail Bank by Banker ME’, ‘Most Improved Retail Bank in the Middle East by The Asian Banker’, ‘Prepaid Marketing – Best Use of Segmentation 2015’ Award by Visa International’, ‘Best Premium Credit Card’ by Banker Middle East, ‘Best Retail Bank’ by The European – a Thomson Reuters affiliate.
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