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XacBank Mongolia Selects Infosys Finacle to Power its Digital Transformation

Posted On: 2020-11-24 06:42:20 (Time Zone: Arizona, USA)


XacBank, a leading universal bank in Mongolia, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), today announced the selection of Finacle's core banking, treasury, and corporate banking solution suites to power XacBank's digital transformation. The Finacle solution suite will enable the bank to drive all-round business transformation to improve customer engagement, operational excellence, and the flexibility to launch tailored offerings on demand, for continuous innovation and growth.

Highlights:

- With Finacle digital core banking suite, XacBank will gain a comprehensive set of capabilities and an open platform to establish a robust foundation for its digital future. The digital product factory will enable the bank to evolve its offerings at speed to keep in sync with market dynamics

- The broad suite of enterprise products - deposits, loans, limits and collaterals, payments, trade finance - will enable XacBank to standardize business processes, simplify enterprise architecture and offer tailored services

- The Finacle Treasury solution will provide XacBank with a single, unified platform to enable trading, risk management and processing across a wide expanse of cross-asset classes

- This solution suite will help the bank accelerate its digitization and automation journey across the enterprise, resulting in improved customer experience and lower costs of operation

Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, "At XacBank, we aspire to be the preferred bank in Mongolia for all our customers segments, by providing a modern digital banking experience, while serving their financial needs in a secure manner. To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs. With Finacle's new age digital core banking platform, I believe we are well placed to meet the present and future demands of our customers with ease, while contributing to the economic development of Mongolia."

Narayan Samant, Chief Information Officer, XacBank, said, "As an innovation leader in Mongolia's banking sector, our focus is to leverage a digital-first strategy to provide custom curated financial services to our digital savvy customers. We chose Infosys Finacle due to its proven credentials and track record of easily adapting to the dynamic banking landscape in Mongolia. 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."

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, "XacBank has shown an admirable preference for being ahead of the curve in technology adoption and ensuring a world class banking experience for its customers. To help XacBank achieve this vision, we are delighted to deploy our industry leading Finacle solution suite, the preferred platform of choice for leading banks in Mongolia. With Finacle, XacBank will benefit from comprehensive, contemporary capabilities to power current and emerging requirements and keep pace with a dynamic business environment."

Shares of INFOSYS LTD. was last trading in BSE at Rs.1139.15 as compared to the previous close of Rs. 1140.25. The total number of shares traded during the day was 570517 in over 19555 trades.

The stock hit an intraday high of Rs. 1154.9 and intraday low of 1133.2. The net turnover during the day was Rs. 652302009.


Source: Equity Bulls

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