Infosys' solution to enable the Bank’s strategy to differentiate leveraging agile technologies
Bangalore, November 30, 2005; Infosys Technologies (NASDAQ: INFY) today announced that a leading Saudi bank, Arab National Bank (ANB), has chosen Finacle core banking solution to power its aggressive focus on the burgeoning retail banking market in the Kingdom.
ANB is one of the largest and most respected banks in the Kingdom and ranked among top 500 banks globally. The bank aims to leverage new generation technology to differentiate its value proposition in retail banking and manage the expected rapid growth in scale of operations.
"We were looking for a flexible solution proven in the retail banking market, and Finacle emerged as our first choice after a comprehensive selection process" said Nemeh Sabbagh, Managing Director, Arab National Bank. "Our business growth requires an efficient core banking system through which we can deploy quickly new products and services, and Infosys has committed to deliver solutions which meet our specific market needs", he added.
Commenting on the win, Merwin Fernandes, Vice President and Business Head, Finacle, Infosys Technologies Limited said "The decision of ANB, an existing Finacle customer for e-banking, to choose Finacle for core banking as well, is a strong reinforcement of their belief in the partner. This win further consolidates our leading position in the Saudi market and strengthens Finacle’s position as the choice of solution for large banks in the retail and universal banking space worldwide. Our ability to effectively mitigate the risks of complex legacy migrations while providing a new generation solution that maximizes the business value to our customer banks is what is propelling Finacle success today globally."
Finacle is a global player in the packaged banking solutions space, with a customer base across 47 countries. Finacle has a strong presence in Asia-Pacific, Europe, Middle East and Africa. Finacle differentiates itself through its new generation technology architecture and its strong implementation record. Finacle acts as the bank’s strategic IT partner in its transformation initiatives.