Nykredit, a leading financial institution in Denmark, and Infosys, a global leader in consulting and technology, today announced the successful implementation of Finacle core banking solution across the bank's corporate lending business.
Built on new generation technologies, Finacle underpins the bank's business transformation program aimed at growing its corporate and retail business across its home market.
In the first phase of this initiative, Nykredit's corporate customers are already enjoying the benefits of personalised offerings and one of the bank's newest capabilities: multi-currency loans.
Nykredit is Denmark's largest mortgage lender with a 42.6 percent market share and 5.2 percent commercial banking market share. In recent years, it has focused on transforming both its corporate and retail businesses across Denmark. A strategic ingredient for success was the selection of a banking technology partner that would work in a collaborative manner to co-create new products and processes. The result: In 2010, Nykredit chose FinacleTM as its business transformation partner.
With Finacle, the bank now has a technology platform from which it can:
• quickly and easily define and roll out new products and functionalities
• seamlessly integrate with other systems within the bank
• manage future customisations in-house to meet business and IT requirements
• scale up operations to support forecasted growth across segments and services
Commenting on this major milestone in the bank's strategic journey, Per Ladegaard, Group Managing Director, Nykredit said: "Adopting a partnership with Infosys has been important to the success of this project. The integrated Nykredit and Infosys team worked closely with the bank's IT and business teams. They laid a solid foundation from which we will be able to offer superior products and service to our clients, and achieve our business growth objectives."
Amit Dua, Associate Vice President and Head for EMEA - Finacle, Infosys, added: "This implementation marks Finacle's entry into the Danish market. From the outset, it's been a meeting of minds with both parties working in unison n and learning from each other to develop and deploy a world class banking solution that will power the bank's business transformation. We look forward to embarking on the next phases of the project and helping Nykredit reach new heights in banking excellence."
The next phase in the program plans to introduce additional lines of business onto the Finacle platform. With the foundation now laid, Nykredit is securing the future successes of its banking platforms and expansion programs.