Equity Bank, one of the largest commercial banks in Africa, and Infosys, a global leader in consulting, technology and outsourcing, today announced the successful upgrade of the bank's core banking solution to Finacle 10.
The enhanced solution will allow over 8.7 million Equity Bank customers to transact seamlessly across five countries- Kenya, Uganda, Rwanda, Tanzania and South Sudan. Finacle will help the bank roll out offerings faster, explore new lines of business and deliver a superior banking experience to its customers.
Equity Bank's multi-country operations now run on a single instance of Finacle, which is deployed centrally. This helps the Bank save on infrastructure and maintenance costs, while ensuring a 360 degree view of customer relationships
A unified view of customers allows the Bank to offer personalised products and services at competitive prices
Seamless integration across multiple channels and third party systems has facilitated productivity improvements across the bank. Cheque processing time has reduced by 30 percent, and new accounts can be opened in less than five minutes
The 24X7 functionality of the new solution has reduced the time taken to complete end-of-day operations by over two hours
Equity Bank has also improved its regulatory reporting and created a robust management information system to enable effective business decision making
The upgraded solution integrates seamlessly with Finacle Treasury and E-banking deployed at the Bank
The complex, five- country implementation was completed in a short period of less than 12 months
James Mwangi, Chief Executive Officer and Managing Director, Equity Bank "Equity Bank has led the way in fostering financial inclusion. We have created products and services for customers across all segments, starting from the bottom of the pyramid. Our vision is to empower our customers and grow with them to champion the socio-economic prosperity of the people of Africa. Infosys has been an integral partner for over a decade and with Finacle 10, we look forward to taking new offerings to our customers faster and grow our market share."
Venkatramana Gosavi, Vice President and Regional Head, Finacle, Infosys "Africa is experiencing rapid economic growth. It is imperative that banks take advantage of modern technology to realise their true potential in this dynamically growing market. We are privileged to have been a part of the success story that Equity Bank has scripted over the past decade. Our journey with Equity Bank is a great example of how financial institutions can accelerate growth and delight customers with the right technology foundation."