Published Date: September 10, 2007
Kiev, Ukraine; Bangalore – September 10, 2007: Infosys Technologies and Nadra Bank, one of Ukraine’s Top-10 financial institutions, announce that Nadra Bank has selected Finacle Universal Banking Solution from Infosys to power the bank’s transformation initiative. The implementation will be based on the Finacle Bank-in-a-Box approach to leverage global best practices and time-to-market advantage.
Finacle’s solution encompasses core banking, CRM, treasury and e-banking and will replace the bank’s current in-house decentralized system. This will play a pivotal role in helping the bank streamline operational efficiencies, upgrade customer service, and adopt banking best practices, to position itself as the bank-of-choice in Ukraine for customers, employees and investors.
During 2006 the bank completed a new IT Strategy, which aimed at realigning Nadra Bank’s high business growth with its IT capabilities. As a strategic premise, Nadra Bank decided to switch from in-house development to procuring a first-class international banking solution. The selection process focused on client-centricity, service-oriented architecture, implementation lead-time and integration across the banking services. Full real-time capabilities, 24*7*365 operation, as well as time-to-market for business related changes was seen as critical to Nadra Bank’s ability to serve its increasingly demanding market.
In the words of Igor Gilenko, Chairman of the Board and President, Nadra Bank, “Nadra Bank is on a strategic journey. Our current changes concentrate on multiple aspects of the bank such as branding and positioning, corporate culture and customer service. Our business processes and the underlying technology are essential drivers for these changes. We want to absorb best-in-class processes and banking practices to help us compete aggressively with players in the international banking arena. We are convinced that in Finacle we have found a solution functionally and technically superior to that of competition. From the start of our discussions, we are convinced about our joint ability to field a professional and enthusiastic team, with players from both Infosys and Nadra Bank. This joint team is very committed to help Nadra Bank achieve its transformation goals. The Finacle Bank-in-a-Box implementation approach is another decisive influence driving our decision to partner with Finacle.”
Finacle Bank-in-a-Box framework is a new implementation paradigm that allows a bank to go live on Finacle in a very short span of time. Its pre-configured parameter set covers all aspects of setting up the banking enterprise starting from static data (country, city, currency, rate code, bank codes, branch codes etc.) to standard products (savings, checking, time deposits, overdrafts, personal loans, car loans, home loans etc.) and also includes security and control standards, general ledger setup and chart of accounts. Banks can, however, make modifications and extensions to the same as per their specific requirements without compromising the intrinsic flexibility of the system.
Commenting on the win, Sanat Rao, VP and Head, Worldwide Sales – Finacle, Infosys Technologies, said, “This win is of strategic importance to us. With an already established and fast growing client base for Finacle in Russia and CIS, the region is strategic to our growth plans. We are delighted to partner with Nadra Bank as it gears itself for success on the international plane. We want to ensure that this transformation is a role model for other banks in the region and beyond.
Finacle customer base spans across 55 countries and was recently recognized by top analysts including Gartner, Forrester and Celent. Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was also positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**.
*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006
**Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007
The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Nadra Bank is among the Top-10 Ukrainian banks and one of the market leaders in Ukrainian banking, serving diverse client segments across Ukraine. In 2006, Nadra Bank started its re-branding program. Focussing on clients and their requirements is the most important aspect of this new business model of the bank. The bank’s values are reflected in its Logo, the stylized red flower located above the green background symbolizing active growth, prosperity, openness, availability for each client, life strength and youth.
Nadra Bank is one of the market leaders in creating packaged products. These are aimed at convenience and real cost savings for clients. Nadra Bank is also in the Top 3 position for issuance of Visa and MasterCard. The bank services its large client base from over 630 branches in different
Ukrainian regions, with over 800 ATMs, about 5,800 multifunctional S-terminals and its state-of-the-art contact centre.
In 2007 Moody’s awarded Nadra Bank a rating at the level of “B2” with a strong positive forecast. Fitch awarded long-term rating “B-” and short -term “B”, individual rating “D/E” and support rating 5.
Nadra Bank employs about 8,000 highly-qualified specialists; every day the bank works to become better and better, in order to meet its clients’ expectations. For more information, visit https://www.nadra.com.ua/eng .
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, and wealth management and CRM requirements of retail, corporate and universal banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. For more information, visit www.edgeverve.com/finacle
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 80,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2007. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
Corporate Voice Weber Shandwick (for Infosys Finacle)