Bank Embarks Upon Business Transformation Initiative Using Finacle™ Universal Banking Solution
Bangalore, Bogota, 06 August 2009: Infosys Technologies Ltd and Bancolombia today announced that Bancolombia, the largest universal bank in Colombia and among the top 500 banks globally, has selected Finacle™ Universal Banking Solution to power its operations in Colombia and its international subsidiaries.
Bancolombia has a strong market share in the South American retail, corporate, credit cards, investment banking and housing loan sectors. After concluding the merger with Conavi and Corfinsura, Bancolombia embarked upon a major transformation project to modernize its technology platform for future growth, business agility and operational efficiency.
According to Ms. Olga Botero Pelaez, Vice President of Information Technology, Bancolombia, “The long term strategy of Bancolombia is to maintain our leadership position by satisfying and building upon our large customer base while at the same time leverage cost optimization opportunities. Technology-led transformation is a key initiative to redefine the way we do business and serve our customers. Finacle will help increase our efficiency and strengthen our leadership position in the competitive Latin American banking industry.”
As part of this transformation initiative, the bank followed a rigorous evaluation of leading global and regional banking technology providers. “We chose Finacle for its global leadership in new generation banking technology solutions backed by Infosys, a strong partner with excellent delivery track record. We are confident that in Finacle and Infosys, we have found the best combination to power our business transformation.” added Ms. Pelaez.
According to Haragopal M., Global Head- Finacle, Infosys Technologies, “We are delighted to partner with Bancolombia. This strategic partnership is an endorsement of the global leadership of Finacle. Latin America is a key focus region for us and we continue our high commitment to the requirements of banks in the region. ”
With Finacle™, the bank will be able to consolidate its technology platforms across functions and geographies leveraging cost and at the same time acquiring flexibility and scalability to adapt to a fast changing and competitive environment. Finacle™ core banking solution will enable the bank to meet the challenges of managing change, competition, compliance and customer demands effectively.
As a leader in banking transformation, Finacle™ has a global footprint across 64 countries and has been acknowledged among the leaders in the core banking solution space by top analysts including Gartner and Forrester. Finacle™ is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Asian Banker IT Implementation Award and The Banking Technology Judge’s Special Award for ,Innovative Use of IT’.
BANCOLOMBIA S.A. is a full service financial institution incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 6.4 million customers. BANCOLOMBIA delivers its product and services via its regional network comprised of Colombia’s largest non-government owned banking network, central America’s presence through El Salvador’s leading financial conglomerate (Banagricola), off-shore banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, pension fund administration, and insurance, among others. For more information, visit www.bancolombia.com
About Finacle™ Universal Banking Solution
Finacle™ from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation. For more information, visit www.infosys.com/finacle.
About Infosys Technologies Ltd
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 100,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com.
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