Infosys is pleased to announce the successful implementation of Finacle core banking solution at Zuno Bank in Slovakia, and in the Czech Republic. Zuno Bank is the first direct banking operation launched by Raiffeisen Bank International AG (RBI), one of the leading banking groups in Austria and Central and Eastern Europe (CEE).
As part of the overall partnership between Infosys and ZUNO BANK, Infosys will support the expansion of the direct banking operation across CEE to serve the needs of the rapidly growing segment of customers whose preference is to bank online.
Finacle core banking solution was selected by RBI in 2009 to standardise their technology platform and enable consolidation of operations across CEE. At ZUNO, Finacle has proven itself to be the right choice of platform to support the bank's imperatives on scalability, faster innovation and time-to-market. Sitting at the heart of the banks' operations, Finacle has enabled ZUNO to launch with an initial portfolio of deposit products, including current accounts, debit cards, saving accounts and term deposits. ZUNO was launched in Slovakia in December 2010. In the first six months of operation, it has exceeded expectations attracting 18,000 customers who have deposited more than €125 million with the bank.
As part of an on-going product extension strategy, the bank is using Finacle's product definition capabilities and component reuse to rapidly launch new offerings. Alongside parallel product and service portfolio enrichments, ZUNO is also planning to launch operations in new countries. Operations in the Czech Republic went live today. This strategy is enabled through Finacle's multi-entity capabilities, which allow the bank to expand throughout the CEE region quickly and at reduced cost. The solution will enable ZUNO to use the same hardware and software for every new country implementation - with only localised legal requirements needing to be addressed to comply with regulation.
Andras Hamori, CEO, ZUNO BANK said, "Our vision is to deliver a differentiated online customer experience, keeping banking quick and simple. Finacle has contributed significantly in helping us to meet that aim. Through the standardisation of products and processes we have been able to quickly offer and easily extentend our online product portfolio to cover the most-used banking needs of our customers".
Amit Dua, AVP and Head - EMEA, Finacle, Infosys said: "The concept of direct banking will continue to gain momentum across the world and the implementation for ZUNO showcases Finacle's strength in the area as well as our multi-country capabilities. I am delighted that we are again able to support our clients as they introduce new growth strategies and transform their business models. We look forward to supporting ZUNO BANK further as their direct banking division grows across CEE."