MANILA, Philippines and
BANGALORE, India, October 28, 2014 /PRNewswire/ --
Bank of Makati, Inc. (BMI), which recently transitioned into a
savings bank, has implemented the Infosys Finacle core banking
solution to transform customer experience and drive growth, at
reduced costs. This deployment will enable BMI to better promote
its business and housing loan products nationwide, and also
aggressively expand its customer base and loan volumes. It will
also help BMI to procure business from the large pool of motorcycle
loan borrowers by issuing special ATM cards, thereby converting
them into retail banking customers.
(Logo:
http://photos.prnewswire.com/prnh/20130122/589162 )
BMI was the Philippines'
largest rural bank before it became a savings bank. It is also the
leading provider of motorcycle loans in the country. The
transformation from the old legacy system to the Infosys Finacle
Core Banking Solution began in September last year, and the
solution was taken live on June 1,
2014.
Highlights
- Infosys Finacle replaces BMI's legacy platform with a robust
automated system that can scale up to meet growing business
volumes
- The new solution has improved automation and operational
efficiency in daily transactions and reduced clearing processing
time from four hours to less than 45 minutes
- Daily processes, such as record-keeping, end-of-day processing
of transactions, clearing, settlement and reconciliation, which
consumed several hours previously, are now handled locally at each
branch in less than 15 minutes
- The implementation has lowered the Total Cost of Operations by
capitalizing on the bank's existing technology investments and
minimizing additional investments
- The solution's ability to operate in a Linux-based environment
allows BMI the flexibility to add new or transition existing IT
infrastructure. This flexibility has also helped improve the bank's
time-to-market for new products. BMI can now create customized
offerings and easily address new business segments, such as home
and small business loans
Quotes
Ma. Rodora E. Bañares, President, BMI:
"Bank of Makati's transformation will allow us to deliver
flexible and more efficient services to our customers. Infosys
Finacle's next-generation core banking solution, with its clear
cost advantage, allows us to become increasingly agile as we
continue to offer innovative services to our customers. The smooth
implementation of the innovative solution will further improve the
experience our customers enjoy and create new pathways for revenue
growth."
Venkatramana Gosavi, Regional
Head - Growth Markets, Infosys Finacle:
"Banks in the Philippines
are showing a strong interest in modernization and facilitating
financial inclusion. Finacle is committed to offering leading-edge
technology and global best practices to financial institutions in
the country, to help them provide a world-class banking experience
to their customers. Bank of Makati's management has shown great
commitment to this project and the success of the program is
testimony to our strong collaboration."
About Infosys
Infosys is a global leader in consulting, technology and
outsourcing solutions. We enable clients, in more than 50
countries, to stay a step ahead of emerging business trends and
outperform the competition. We help them transform and thrive in a
changing world by co-creating breakthrough solutions that combine
strategic insights and execution excellence.
Visit http://www.infosys.com to see how Infosys (NYSE:
INFY), with US$8.25 billion in annual
revenues and 165,000+ employees, is Building Tomorrow's Enterprise®
today.
Safe Harbor
Certain statements in this release concerning our future growth
prospects are forward-looking statements regarding our future
business expectations intended to qualify for the 'safe harbor'
under the Private Securities Litigation Reform Act of 1995, which
involve a number of risks and uncertainties that could cause actual
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unauthorized use of our intellectual property and general economic
conditions affecting our industry. Additional risks that could
affect our future operating results are more fully described in our
United States Securities and Exchange Commission filings including
our Annual Report on Form 20-F for the fiscal year ended
March 31, 2014 and on Form 6-K for
the quarter ended June 30, 2014.
These filings are available at http://www.sec.gov. Infosys may,
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