Infosys Finacle, part of EdgeVerve Systems, a whollyowned subsidiary of Infosys (NYSE: INFY), and Standard Bank, Africa's biggest lender by asset size, announced the bank's adoption of the Finacle Mobile Teller Solution to digitize its banking services across its branches in the African continent. Standard Bank is now live on the solution in 107 branches across five countries - Lesotho, Zimbabwe and Malawi, Zambia, eSwatini, all implemented in just 22 weeks. The solution is currently in Implementation for Ghana and Tanzania and will be further planned in a phased manner across Standard Bank's Africa Regions countries.
Finacle Mobile Teller, the comprehensive, enterprise level tablet based solution comes with designated workflows for each role - teller, relationship manager and agent. With an interactive user interface, intuitive navigation, an offline mode of operation and inbuilt analytics engine, tellers will be empowered to provide personalized services on-the-go and virtually eliminate waiting in queues.
Benefits realized by Standard Bank
- Consolidation of data exhaustive teller screens and optimization of teller applications, has reduced it from 17 to just five single-click selections. This has resulted in an average service time of less than 50 seconds, improving turnaround time on transactions (TAT) by over 40%, and thereby reducing waiting time for customers
- Consolidation of popular activities on a single screen, allows a teller / relationship manager to service multiple requests from a customer in a single window. This has resulted in a 37% capacity improvement and a reduction in branch network cost by almost 14%
- Cash deposit transactions which used to take 120 seconds can now be done in under 40 seconds
- Enabled with a comprehensive customer information view, the bank has been able to adopt virtually paperless banking, resulting in over 50% reduction in stationery
- The well-designed intuitive user experience has reduced training time for branch staff from one week to just about two hours. Additionally, the digitization and automation has resulted in reduction of overtime costs, thereby enhanced work satisfaction
Klaas Kruger, Chief Information Officer - Africa Regions, Standard Bank: "Ensuring world class customer experience is a key priority for Standard Bank and ensuring this at non-digital touch points such as branches, was a challenge. The implementation of 'Moby', Finacle's Mobile Teller Solution as we call it, has been a significant step in our journey towards customer centric digitization and process optimization.'Moby', in combination with our existing Finacle Omnichannel Hub has been a game changer in helping us provide the best banking experience in Africa."
Sajit Vijayakumar, Senior Vice President and Chief Operating Officer, Infosys Finacle: "The key component of a truly digital transformation is getting the customer experience piece right. We are delighted to see the impact of the Infosys Finacle Mobile Teller Solution in Standard Bank's mission to digitize its branches. As a strategic technology partner to Standard Bank, we stand committed to helping them in their pursuit to provide dependable, inclusive and accessible banking services pan Africa, with a world class customer experience. Having been proven across the continent, Finacle Mobile Teller Solution is a perfect choice for African banks looking to accelerate their branch digitization."
Shares of INFOSYS LTD. was last trading in BSE at Rs.739.65 as compared to the previous close of Rs. 748.05. The total number of shares traded during the day was 283076 in over 5348 trades.
The stock hit an intraday high of Rs. 751.5 and intraday low of 738.1. The net turnover during the day was Rs. 210423538.