Bengaluru, India and Dhaka, Bangladesh - Community Bank, among the newest scheduled banks in Bangladesh, and Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), today announced the successful implementation of the Finacle Core Banking Solution at the bank, in just 48 days. With the new banking platform, Community Bank is well placed to provide a truly digital banking experience to its retail and corporate customers. Among multiple benefits, the modern platform enables the bank to launch new products within a fraction of time, offer a differentiated customer experience and empower the bank to grow rapidly.
The bank is now enabled for massive scalability at minimal cost and can onboard new customers and open accounts, complete with all features enabled, within 15 minutes. Community Bank has on boarded more than 200,000 new accounts in just 2 months
The Bank can now offer tailored products to its customers based on a unified 360-degree customer view and embedded insights, in real time, across channels. It can also deploy embedded analytics to gain deep insights and customize offerings throughout the customer journey
The robust Finacle security architecture protects infrastructure, data, and application layers with identity and access management, user role management, limits, and exception management, for best in class security
The bank can now co-innovate with the external ecosystem, with lightweight, fast, scalable, and easy to maintain web services (RESTful APIs), engaging fintechs and digital ecosystems, and driving co-innovation with developer community.
Best of Breed Software Solutions (BBSSL), an Infosys Finacle business partner, implemented the solution at Community Bank at a fraction of the time.
Masihul Huq Chowdhury, Managing Director and CEO, Community Bank Bangladesh Ltd, said, "As a new bank in a mature banking landscape, our focus is to leverage a digital-first strategy to provide reliable, high quality financial services to our customers. Infosys Finacle has strong solution credentials, a proven track record of empowering leading banks in Bangladesh, and experience of working with global financial institutions. With Finacle's cutting-edge digital banking platform we believe we are ready to meet our current requirements and future vision with ease."
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, "Pervasive digitization, challenging economic climate and evolving customer demands, is a reality that presents itself to any new bank entering the industry. With our proven platform, which comes configured with pre-packaged products and services, and our enabled partner network, we continue to provide the fastest route to market for new banking entrants seeking to differentiate themselves with innovation and excellent customer experience. With Finacle, Community Bank gains the flexibility to launch and update products and services to drive continuous innovation and accelerate growth."
Gnana S.S, Chief Executive Officer, Best of Breed Software Solutions (India) Pvt Ltd., said, "A modern banking platform at Community Bank provides the bedrock on which the bank can build its growth plan. We are delighted to have deployed the industry's leading core banking solution from Finacle at the Bank in record time ensuring that they attain their business objectives of growth and innovation"
About Community Bank
Community Bank Bangladesh Limited, a concern of Bangladesh Police Kallyan Trust, serves communities with tailor-made, secured, financial products & services abiding by the highest level of corporate governance. Community Bank runs on three core building blocks i.e. Trust, Security and Progress. To know more, visit www.communitybankbd.com
About Best of Breed Software Solutions (India) Private Limited (BBSSL)
BBSSL is a global Software and Services company Headquartered in Bangalore, India, leveraging in-depth domain and functional expertise, leading technology practices and a consultative approach to deliver business solutions for all our clients. BBSSL has very strong credentials in the area of Core banking implementation, especially Infosys Finacle. We are a Finacle Value Partner for the past 16+ years and have continuously been winning the "Best Implementation Partner" award for many years in a row.
To know more, visit http://www.bbssl.com/
About Infosys Finacle
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements mentioned 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 results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. 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, 2019. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
For more information, please contact PR_Global@Infosys.com