Bank leverages Finacle for rapid innovation – 7 new products launched in less than 12 weeks
London, Bangalore, March 19th 2008
Finacle from Infosys and Aspis Bank announced today that Aspis Bank, Greece is live on Finacle Universal Banking Solution. While the core banking solution went live in the last quarter of 2007, the treasury solution has been operational at the bank since September 2005. The state-of-the-art solution that has gone live across 83 branches has enabled the bank to embark on its ambitious business transformation strategy aimed at aggressive growth and rapid differentiation. Post implementation, the bank has seen the launch of 7 new products in a short span of 12 weeks, almost 40% increase in average transactions/day and a threefold increase in ATM charges.
Leveraging Finacle, the bank is now empowered to create a differentiated customer experience through innovative product offerings, unified customer view and seamless integration across channels for greater customer convenience. Finacle has also enabled the bank to achieve greater efficiency in workflows, manage operational risks, and increase fee-based income.
Mr. George Dayantis, General Manager- Operations and IT, Aspis Bank, comments “We were single-mindedly focused on a radical makeover of our legacy technology infrastructure. This new core banking application from Finacle will support the bank’s aggressive business plans and act as an enabler to achieve its future growth plans and new business initiatives. With the help of this solution we are already thinking about new and innovative product launches like never before while continuing to provide a highly personalized customer experience for which ASPIS has been well recognized in the Greek banking market.
Mr. Haragopal M, Vice President and Business Head – Finacle, Infosys Technologies said, “We are delighted to see Finacle powering the business transformation at Aspis Bank. Greece, Cyprus and the Balkans constitute a strategic market for Infosys and we are looking to enable banks in this region to become more competitive and customer focused by leveraging technology. We look forward to closely working with Aspis Bank helping them further harness the capabilities of Finacle.”
Finacle is built on new generation technologies, open industry standards and a services oriented architecture. It has effectively replaced the bank’s legacy systems and provided the bank with a future proof technology platform that promises the flexibility of STP (Straight Through Processing) for channel transactions, agility to respond to business needs, true scalability and reduced total cost of ownership.
Finacle customer base spans across 60 countries. Finacle solutions have been 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.
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.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 80,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com
About Aspis Bank
Aspis Bank established in 1992, is a medium-sized retail and commercial bank with assets of € 2.2 billion, rated BB+ by Fitch Ratings. It operates 72 branches throughout Greece, providing its wide client base of over 300,000 customers with the full range of retail, corporate and investment banking products and services. As part of the larger Aspis Group, a leading Greek insurance, investment and financial services group, it strives to utilize state-of-the-art technology solutions to enhance all aspects of its operations. For more information, visit www.aspisbank.gr
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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.
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