Nadra Bank has selected India-based Infosys’s Finacle Universal Banking Solution for the bank’s transformation initiative. The implementation will be based on the Finacle bank-in-a-box approach to influence international best practices and changing markets.
The solution includes core banking, CRM, treasury and e-banking and will replace the bank’s existing in-house decentralized system. This will help the bank streamline operational efficiencies, upgrade customer service, and take up banking best practices, to position itself as the bank-of-choice in Ukraine for customers, employees and investors.
Finacle bank-in-a-box outline is a new achievement example 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.
Igor Gilenko, chairman of the board and president, Nadra Bank said: 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.