Bangalore, August 1, 2001: Infosys Technologies Limited, India's leading software and solutions provider has entered into a strategic alliance with Kenya Commercial Bank (KCB) to deploy Finacle - Infosys Core Banking Solution. Incorporated in 1971, Kenya Commercial Bank is the largest bank in East Africa with over 100 branches in Kenya and a presence in neighboring Tanzania.
Formerly state owned and in the red in the last two years, KCB has made a dramatic turn around reporting operating profits under the leadership of a new management team. Replacement of its technology platform is one of the key strategic initiatives of the new team in successfully carrying out its proposed business transformation and strengthening its competitive leadership in the East African market.
"When we decided on changing our core banking platform as part of our turnaround strategy for the bank, we were looking for a world class core banking solution that would provide us a powerful and flexible platform for aggressive growth and change. More importantly we were looking for a partner, who could add strategic value to the bank. We believe that Finacle with its new generation architecture is ideally suited to power our strategy to meet the challenges of the new banking paradigm emerging in Kenya and globally. We are pleased with the capabilities of Infosys and look forward to leveraging this partnership for deriving strategic value going forward," said Mr. Gareth George, Chief Executive of Kenya Commercial Bank.
"We are privileged to partner KCB in its strategic turnaround initiative. We believe that today Finacle, offers our customer banks a unique value proposition. Our early investments in emerging technology/business paradigms like the web, straight through processing, 24*7*365 banking, new age delivery channels, flexibility for business agility, etc., have given us competitive leadership in this space. When you couple this with our proven rapid implementation capability, Finacle emerges as the preferred choice amongst banks. Our win at KCB once again proves this fact." said Mr. Merwin Fernandes, Associate V.P.& Head - Global Sales and Marketing, Banking Business Unit, Infosys Technologies Limited.
According to Mr. Siraj Siddiqui, Director IT, "We zeroed in on Finacle and Infosys after a thorough and structured evaluation process spanning over nine months and involving several global solutions. What really differentiated Finacle were its unique new generation architecture and e-age capabilities, apart from rich functionality and security. We were also highly impressed with the feedback from existing Finacle clients and Infosys’ track record in rapid implementations. All the above meant that Finacle is the ideal and the lowest risk option for the bank."
In his statement, Mr. Rakesh Singh, Business Development Manager, East and Southern Africa, Banking Business Unit, Infosys Technologies Limited said, "Africa is a key focus market for Infosys and I am certain that our win in KCB will add further momentum to our Africa strategy. We are committed to this region and will go all out to ensure that we meet and exceed the expectations of KCB."