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

Posted On: 2020-09-15 02:02:09


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."

Shares of INFOSYS LTD. was last trading in BSE at Rs.977.95 as compared to the previous close of Rs. 945.4. The total number of shares traded during the day was 652772 in over 15088 trades.

The stock hit an intraday high of Rs. 991.05 and intraday low of 948.85. The net turnover during the day was Rs. 637538074.


Source: Equity Bulls

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