Wema Bank plc, Nigeria's oldest surviving indigenous Bank and Infosys Ltd today announced the successful implementation of Finacle core banking, retail e-banking and treasury solutions across Wema Bank's 137 branches in Nigeria within a record time of eight months.
Built on new generation technologies, open standards and service oriented architecture, the solutions currently support over 1.3 million user accounts and is central to Wema Bank's aggressive growth strategy that is anchored on delivering exceptional customer experience; primarily through personalized offerings and more efficient banking services.
With Finacle's scalable and secure architecture, Wema Bank could move its business critical operations to a cost effective, integrated platform - capable of supporting 24x7 multi-channel transactions. Finacle's robust implementation policy enabled Wema Bank to move its 137 branches simultaneously to the new centralized banking system significantly reducing both implementation time and costs.
Wema Bank has leveraged Finacle to:
• Provide customers multi-channel flexibility to access services and make transactions
• Let customers choose from a range of innovative products and services
• Enable faster and efficient customer service through improved service delivery across an integrated platform
• Enable the audit and control team to efficiently and effectively comply with regulatory and security requirements
• Seamlessly integrate and automate treasury operations.
• Simplify General Ledger reports and automate documentation; thereby reducing time taken for end of day operations by 80%.
As the local business partner of Infosys for over a decade, Computer Warehouse Group, Nigeria, played an integral part in the Finacle implementation and go-live support at Wema Bank.
Speaking on the implementation, Segun Oloketuyi, Managing Director and Chief Executive Officer, Wema Bank, said, "The successful implementation of the project in record time, is a reflection of our continuous commitment to our customers to always deliver a delightful service experience at all times. The Finacle CBA has improved our capacity at Wema Bank to provide value-added, customer-centric on-line and in-branch banking services, while complying to regulations, improving efficiency and productivity".
Sanat Rao, Vice-President & Global Head, Client Services - Finacle, Infosys commented, "While this implementation took just eight months, what was more important to us was the fact that this new solution has been able to create the required differentiation and improved customer experience for the bank. As the preferred banking technology provider in Africa, with 11 customer banks in Nigeria alone, Finacle is delighted to partner with Wema Bank in their transformation journey."