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Community Bank, Bangladesh Goes Live on Infosys Finacle Banking Platform in 48 Days

Posted On: 2020-03-09 17:35:32


Community Bank, among the newest scheduled banks in Bangladesh, and Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), today announced the successful implementation of the Finacle Core Banking Solution at the bank, in just 48 days. With the new banking platform, Community Bank is well placed to provide a truly digital banking experience to its retail and corporate customers. Among multiple benefits, the modern platform enables the bank to launch new products within a fraction of time, offer a differentiated customer experience and empower the bank to grow rapidly.

Highlights:

- The bank is now enabled for massive scalability at minimal cost and can onboard new customers and open accounts, complete with all features enabled, within 15 minutes. Community Bank has on boarded more than 200,000 new accounts in just 2 months

- The Bank can now offer tailored products to its customers based on a unified 360-degree customer view and embedded insights, in real time, across channels. It can also deploy embedded analytics to gain deep insights and customize offerings throughout the customer journey

- The robust Finacle security architecture protects infrastructure, data, and application layers with identity and access management, user role management, limits, and exception management, for best in class security

- The bank can now co-innovate with the external ecosystem, with lightweight, fast, scalable, and easy to maintain web services (RESTful APIs), engaging fintechs and digital ecosystems, and driving co-innovation with developer community.

- Best of Breed Software Solutions (BBSSL), an Infosys Finacle business partner, implemented the solution at Community Bank at a fraction of the time.

Masihul Huq Chowdhury, Managing Director and CEO, Community Bank Bangladesh Ltd, said, "As a new bank in a mature banking landscape, our focus is to leverage a digital-first strategy to provide reliable, high quality financial services to our customers. Infosys Finacle has strong solution credentials, a proven track record of empowering leading banks in Bangladesh, and experience of working with global financial institutions. With Finacle's cutting-edge digital banking platform we believe we are ready to meet our current requirements and future vision with ease."

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, "Pervasive digitization, challenging economic climate and evolving customer demands, is a reality that presents itself to any new bank entering the industry. With our proven platform, which comes configured with pre-packaged products and services, and our enabled partner network, we continue to provide the fastest route to market for new banking entrants seeking to differentiate themselves with innovation and excellent customer experience. With Finacle, Community Bank gains the flexibility to launch and update products and services to drive continuous innovation and accelerate growth."

Gnana S.S, Chief Executive Officer, Best of Breed Software Solutions (India) Pvt Ltd., said, "A modern banking platform at Community Bank provides the bedrock on which the bank can build its growth plan. We are delighted to have deployed the industry's leading core banking solution from Finacle at the Bank in record time ensuring that they attain their business objectives of growth and innovation."

Shares of INFOSYS LTD. was last trading in BSE at Rs.703.9 as compared to the previous close of Rs. 739.25. The total number of shares traded during the day was 835861 in over 16113 trades.

The stock hit an intraday high of Rs. 725 and intraday low of 697.4. The net turnover during the day was Rs. 588849844.


Source: Equity Bulls

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