Implementation premised on the new Finacle Bank-in-a-Box approach
Infosys Technologies and Nadra Bank, one of Ukraine’s Top-10 financial institutions, announce that Nadra Bank has selected Finacle Universal Banking Solution from Infosys to power the bank’s transformation initiative. The implementation will be based on the Finacle Bank-in-a-Box approach to leverage global best practices and time-to-market advantage.
Finacle’s solution encompasses core banking, CRM, treasury and e-banking and will replace the bank’s current in-house decentralized system. This will play a pivotal role in helping the bank streamline operational efficiencies, upgrade customer service, and adopt banking best practices, to position itself as the bank-of-choice in Ukraine for customers, employees and investors.
During 2006 the bank completed a new IT Strategy, which aimed at realigning Nadra Bank’s high business growth with its IT capabilities. As a strategic premise, Nadra Bank decided to switch from in-house development to procuring a first-class international banking solution. The selection process focused on client-centricity, service-oriented architecture, implementation lead-time and integration across the banking services. Full real-time capabilities, 24*7*365 operation, as well as time-to-market for business related changes was seen as critical to Nadra Bank’s ability to serve its increasingly demanding market.
In the words of Mr. Igor Gilenko, Chairman of the Board and President, Nadra Bank, “Nadra Bank is on a strategic journey. Our current changes concentrate on multiple aspects of the bank such as branding and positioning, corporate culture and customer service. Our business processes and the underlying technology are essential drivers for these changes. We want to absorb best-in-class processes and banking practices to help us compete aggressively with players in the international banking arena. We are convinced that in Finacle we have found a solution functionally and technically superior to that of competition. From the start of our discussions, we are convinced about our joint ability to field a professional and enthusiastic team, with players from both Infosys and Nadra Bank. This joint team is very committed to help Nadra Bank achieve its transformation goals. The Finacle Bank-in-a-Box implementation approach is another decisive influence driving our decision to partner with Finacle.”
Finacle Bank-in-a-Box framework is a new implementation paradigm that allows a bank to go live on Finacle in a very short span of time. Its pre-configured parameter set covers all aspects of setting up the banking enterprise starting from static data (country, city, currency, rate code, bank codes, branch codes etc.) to standard products (savings, checking, time deposits, overdrafts, personal loans, car loans, home loans etc.) and also includes security and control standards, general ledger setup and chart of accounts. Banks can, however, make modifications and extensions to the same as per their specific requirements without compromising the intrinsic flexibility of the system.
Commenting on the win, Sanat Rao, VP and Head –Worldwide Sales- Finacle, Infosys Technologies, said – “This win is of strategic importance to us. With an already established and fast growing client base for Finacle in Russia and CIS, the region is strategic to our growth plans. We are delighted to partner with Nadra Bank as it gears itself for success on the international plane. We want to ensure that this transformation is a role model for other banks in the region and beyond.
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