Source: Bank of Makati, Inc.
Bank of Makati, Inc. (BMI), which recently transitioned into a savings bank, has implemented the Infosys Finacle core banking solution to transform customer experience and drive growth, at reduced costs.
This deployment will enable BMI to better promote its business and housing loan products nationwide, and also aggressively expand its customer base and loan volumes. It will also help BMI to procure business from the large pool of motorcycle loan borrowers by issuing special ATM cards, thereby converting them into retail banking customers.
BMI was the Philippines’ largest rural bank before it became a savings bank. It is also the leading provider of motorcycle loans in the country. The transformation from the old legacy system to the Infosys Finacle Core Banking Solution began in September last year, and the solution was taken live on June 1, 2014.
- Infosys Finacle replaces BMI’s legacy platform with a robust automated system that can scale up to meet growing business volumes
- The new solution has improved automation and operational efficiency in daily transactions and reduced clearing processing time from four hours to less than 45 minutes
- Daily processes, such as record-keeping, end-of-day processing of transactions, clearing, settlement and reconciliation, which consumed several hours previously, are now handled locally at each branch in less than 15 minutes
- The implementation has lowered the Total Cost of Operations by capitalizing on the bank’s existing technology investments and minimizing additional investments
- The solution’s ability to operate in a Linux-based environment allows BMI the flexibility to add new or transition existing IT infrastructure. This flexibility has also helped improve the bank’s time-to-market for new products. BMI can now create customized offerings and easily address new business segments, such as home and small business loans
Ma. Rodora E. Bañares, President, BMI:
“Bank of Makati’s transformation will allow us torsquo;s transformation will allow us to deliver flexible and more efficient services to our customers. Infosys Finacle’s next-generation core banking solution, with its clear cost advantage, allows us to become increasingly agile as we continue to offer innovative services to our customers. The smooth implementation of the innovative solution will further improve the experience our customers enjoy and create new pathways for revenue growth.”
Venkatramana Gosavi, Regional Head – Growth Markets, Infosys Finacle:
“Banks in the Philippines are showing a strong interest in modernization and facilitating financial inclusion. Finacle is committed to offering leading-edge technology and global best practices to financial institutions in the country, to help them provide a world-class banking experience to their customers. Bank of Makati’s management has shown great commitment to this project and the success of the program is testimony to our strong collaboration.”