Bank standardizes operations on Finacle™ for greater agility and customer centric growth
Bangalore, Colombo, August 05, 2010: Infosys Technologies Ltd. (Infosys) and Hatton National Bank Plc (HNB) today announced the successful implementation of Finacle™ universal banking solution across HNB’s operations in Sri Lanka. Infosys has implemented Finacle™ core banking, treasury and consumer e-banking solutions across 191 customer centres of the bank. HNB now operates its entire banking operations on Finacle™ to support over 2.8 million customers.
Hatton National Bank, which recently celebrated 120 years of service in Sri Lanka, has been a pioneer in the nation’s banking industry. In accordance with its mandate, the bank wanted to focus its future expansion and offerings for growth sectors in the country. Financially enabling the society has been a key objective for the bank as well. HNB management decided to take a technology-led transformation route to make the bank more agile, flexible, and scalable to achieve its business objectives. In 2007, HNB decided to move to Finacle™ and the core banking replacement project was successfully completed in eleven months.
R. Theagarajah, Managing Director and Chief Executive Officer, Hatton National Bank said, “Advanced core banking technology is vital to achieving our business growth objectives and improve customer service. We selected Finacle for its global leadership, committed investment in research and development in core banking and unmatched delivery track record. Finacle has provided higher scalability and flexibility to service our diversified retail, institutional and corporate clientele. Our new back office platform provides greater agility by consolidating disparate systems and reduced turnaround times, enables innovation to launch new offerings, and empowers staff to radically improve our customer service.”
According to Haragopal Mangipudi, Global Head – Finacle, Infosys Technologies Ltd, “We are delighted to power success at Hatton National Bank in their journey of technology-led business transformation. We are committed to partnering the bank in achieving its business objectives and establishing new standards of excellence in the banking industry. The resounding success of this initiative will go a long way in Hatton National Bank gaining leadership in the region. South Asia has been a core growth engine for Finacle and we continue our focus to bring business relevant offerings and services to banks in the region.”
Leveraging Finacle™, the bank has been able to seamlessly integrate its services across channels and provide innovative products to customers with faster turn-around time and reduced total cost of ownership. Centralization of all back-office functions on the platform has ensured more control over business processes and significant improvement in branch productivity. Integration with all 320 ATMs and 4618 other POS along with streamlining of channels has further enriched the customer experience. The centralized platform across the bank enabled by Finacle™ provides a unified customer view which has resulted in significant improvement in service levels and customer experience. A unified flexible core banking platform enables the bank to introduce sophisticated product offerings with a shorter time-to-market.
Further, Finacle™ treasury solution has enabled the introduction of more sophisticated products and instruments for the bank’s treasury operations. The application has improved monitoring and control by effectively segregating front, middle and back office operations and tracking transaction / dealer profitability.
Finacle™ has a global footprint across 65 countries and has been acknowledged to be among the leaders in the core banking solution space by top analysts. Finacle™ has also been recognized through industry 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”.
As the local business partner of Infosys, MillenniumESP, the enterprise and service provider group of MillenniumIT, played an integral part in the Finacle implementation at HNB. MillenniumESP, with their experience in other local implementation of Finacle and in-depth understanding of local banking practices were able to provide specialist skills to support the implementation. The MillenniumESP team also provided post go-live support to the bank ensuring that the bank’s business activities were uninterrupted. MillenniumIT also assisted in successfully implementing a fully fledged, state-of-the-art Datacenter & Information systems infrastructure, the foundation of the back office platform at HNB.
Hatton National Bank (HNB) is a premier private sector commercial bank with a network of 191 customer centres spread across the length and breadth of Sri Lanka. The Banks history dates back to 1888 where it started as Hatton Bank to help the fledgling tea industry. Today the bank is actively involved in retail banking, corporate banking, international banking, treasury, project financing, working capital financing etc. HNB is considered a leader in the retail banking business with an extensive range of products and services on offer and is the only commercial bank in Sri Lanka to develop a sustainable microfinance strategy over the last two decades. The Hatton National Bank has been awarded by the Asian Banker Magazine as the ‘Best Retail Bank in Sri Lanka ‘ for its performance in 2007, 2008 and 2009 and as the Strongest Bank in Sri Lanka for 2010. HNB was also named as the ‘Best Bank in Sri Lanka’ by the Euromoney Magazine in 2009 and 2010.
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solution in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.edgeverve.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 114,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.
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