Bengaluru-based information technology services firm Infosys has been selected by Myanmarese Glory Farmer Development Bank (or G Bank) to provide digital banking services to its customers.
According to Infosys, the solutions will be based on Infosys' Finacle, the IT services firm's banking product, and will help the private sector bank to transform its retail banking business as well as to leapfrog multiple evolutionary phases to emerge as a modern digital bank.
Finacle is a core banking solution for digital settlement and automation product that is available on-premise as well as on the cloud. Most of the Infosys products are part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys.
The Finacle solution suite will help G Bank to achieve automation in front and back-office operations, Infosys said in a statement. It will also provide the bank with actionable customer insights and application programming interface (API)- driven architecture, the statement added.
Finacle also has an in-built product factory that will enable the bank to rapidly launch new product offerings according to market demands, while the workflow engines will ensure more control and significant improvement across operations, the company said.
“In an increasingly competitive environment, we need a modern platform. With Finacle's growing deployment base in Myanmar, including some of the largest banks, it is a proven solution for our growth aspirations by improving efficiencies,” said Daw Hnin Thidar Ko, CIO, G Bank.
While Infosys itself is largely a system integrator, it has roped in ACE Data Systems, a Finacle business partner in Myanmar, to implement the solution at G Bank. The country's second-largest software exporter said that ACE's in-depth understanding of local banking practices and experience in implementing Finacle, will help in accelerated delivery.
“With Finacle, G-bank has the advantage of leapfrogging to a modern operating model to power innovation-driven growth," said Venkatramana Gosavi, senior vice president and global head of sales at Infosys Finacle. He added that extensive automation across business processes will enable the bank to drive operational efficiency.