Published Date: November 30, 2005
Infosys’ solution to enable the Bank’s strategy to differentiate leveraging agile technologies
Bangalore, November 30, 2005 Infosys Technologies (NASDAQ: INFY) today announced that a leading Saudi bank, Arab National Bank (ANB), has chosen Finacle core banking solution to power its aggressive focus on the burgeoning retail banking market in the Kingdom.
ANB is one of the largest and most respected banks in the Kingdom and ranked among top 500 banks globally. The bank aims to leverage new generation technology to differentiate its value proposition in retail banking and manage the expected rapid growth in scale of operations.
‘We were looking for a flexible solution proven in the retail banking market, and Finacle emerged as our first choice after a comprehensive selection process’ said Nemeh Sabbagh, Managing Director, Arab National Bank. ‘Our business growth requires an efficient core banking system through which we can deploy quickly new products and services, and Infosys has committed to deliver solutions which meet our specific market needs’, he added.
Commenting on the win, Merwin Fernandes, Vice President and Business Head, Finacle, Infosys Technologies Limited said “The decision of ANB, an existing Finacle customer for e-banking, to choose Finacle for core banking as well, is a strong reinforcement of their belief in the partner. This win further consolidates our leading position in the Saudi market and strengthens Finacle’s position as the choice of solution for large banks in the retail and universal banking space worldwide. Our ability to effectively mitigate the risks of complex legacy migrations while providing a new generation solution that maximizes the business value to our customer banks is what is propelling Finacle success today globally.”
Finacle is a global player in the packaged banking solutions space, with a customer base across 47 countries. Finacle has a strong presence in Asia-Pacific, Europe, Middle East and Africa. Finacle differentiates itself through its new generation technology architecture and its strong implementation record. Finacle acts as the bank’s strategic IT partner in its transformation initiatives.
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of universal, retail, corporate, community and private 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 Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered. For more information, visit www.infosys.com
Arab National Bank (ANB) is one of the fastest growing commercial banks in the Kingdom of Saudi Arabia. ANB was established in 1980 and has $16 billion in assets and 35% return on equity. ANB has emerged as a leader within the Kingdom in exploiting technology to serve business needs and has pioneered initiatives such as internet banking in the Kingdom. ANB is a pioneer of non-branch channels of distribution of products and services including Phone Banking and Internet Banking Services. For more information, please visit www.anb.com.sa