Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), and Global Treasure Bank (GTB), a leading Commercial Bank in Myanmar, today announced the successful implementation of the Finacle Core Banking solution at the Bank. GTB now leverages Finacle’s proven platform to power its retail and corporate operations across 163 branches across the country, engaging its customers with a truly digital banking experience and an enriched product and services portfolio.
Since the implementation, the bank has been processing an average of 300,000 mixed transactions per day.
GTB is able to onboard new customers and open accounts, complete with all features enabled, within minutes. The bank has signed up close to 75,000 new accounts across different account types since go-live.
The bank now enjoys the ease of business process orchestration using built-in workflow engines ensuring more control and significant improvement in branch productivity.
The new solution provides a 360-degree view of customer relationships and transactions, thus helping GTB achieve superior customer service and enhancing upsell and cross-sell opportunities.
U KoKo Aung, CEO, Global Treasure Bank, said, “For over two decades, GTB has stayed true to our mission of comprehensive economic development of Myanmar through reliable, inclusive and convenient banking services. Today, to continue to abide by this commitment in an increasingly complex regulatory and competitive environment, we felt the need for a modern platform to power our banking strategy. We believe our investment in Finacle’s industry leading platform, will help deepen our customer relationships through scalable, innovative and contextual banking experience.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “The Myanmar Banking industry is amidst a transformation, requiring rapid technology advancements to keep pace with policy reforms and changing customer expectations to compete in a global playing field. With Finacle, GTB has gained a strong foundation to boost agility and efficiency of operations, and significantly improve customer experience across channels. We are pleased to expand our presence in Myanmar to become the preferred banking solution provider and leverage our rich experience across 100 countries, to support the Myanmar banking industry’s modernization journey.”
ACE Data Systems Ltd, Finacle’s business partner in Myanmar, played an integral role in the solution’s implementation process. With vast experience in implementing Finacle and an in-depth understanding of local banking practices, they ensured completion of the project within stipulated timeliness.
Mr. Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd., said, “The Myanmar banking industry is in an era of increasing regulatory reforms and increasing competition from foreign players. Technological transformation is essential for Myanmar banks to compete and innovate in the contemporary, international banking landscape. The modern banking platform at GTB provides the bedrock on which GTB can reimagine customers experience, re-shape operating models and reduce cost-to income ratios. We are delighted to support GTB in the deployment of the industry’s leading core banking solution.”
About Infosys Finacle
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
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