Export Development Bank of Egypt (EDBE) and Infosys today announced the successful implementation of FinacleTM universal banking solution across EDBEâs operations in Egypt. Infosys has implemented FinacleTM core banking, treasury and CRM solutions in over 20 branches across the country. The solution went live in just seven months and is at the core of EDBEâs retail growth strategy and its promise of enhancing customer experience across services. EDBE now operates its entire banking operations on FinacleTM to support a customer base that covers more than 70,000 accounts, about 70% of which are Egyptâs most important corporate customers.
Export Development Bank of Egypt is a public shareholding company that operates in the banking sector. The Bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial and services sectors. The bank sought to move to a technology that would act as a catalyst for change to achieve the following:
â¢ Scalability to meet future expansion plans
â¢ Flexibility to integrate its services across channels and provide innovative products to customers with faster turn-around time and reduced total cost of ownership
â¢ Agility to manage the transition into retail banking
â¢ Centralization of all back-office functions on the platform to ensure more control over business processes and significant improvement in-branch productivity.
Leveraging FinacleTM, the bank now has a centralised system for all its branches and is empowered to create a differentiated customer experience through a unified customer view of its retail & corporate customers. EDBE has also been able to seamlessly integrate its services across branches, reducing time taken for end of day activities by 75%.
Speaking on the partnership, Mr. Magdy Ramadan, CIO, Export Development Bank of Egypt, said, âNew age banking requires an advanced core banking platform. A renewed technology focus is vital to achieving our business objectives of growth and customer satisfaction. Finacleâ¢ with its unmatched delivery track record, has proven its excellence in retail banking operations. The implementation of Finacleâ¢ and the ease with which it interfaces with other external systems has helped us reduce our turnaround time and centralise operations across branches, thus radically improving our efficiency and customer service. The ease of implementation was a satisfying experience and we are excited to be part of this successful partnershipâ
According to Haragopal Mangipudi, Global Head - Finacleâ¢, Infosys, âCore system replacement is one of the top priorities for banks all over the world, driven by the inadequacy of current systems to provide a platform for growth. We are delighted to partner with EDBE in their technology-led transformation journey. The transition from legacy to centralized new age FinacleTM systems has been smooth and achieving this in just seven months is an accolade for the hard work, passion and perseverance of the entire EDBE and FinacleTM team. The success of this implementation will go a long way in helping EDBE gain leadership in their focus market.â
As the local business partner of Infosys, egabi Solutions played an integral part in the FinacleTM implementation at EDBE. egabi Solutions with their experience in other local implementation of FinacleTM and in-depth understanding of local banking practices were able to provide specialist skills to support the implementation.