Home > News > Heritage Bank Deploys New Core Banking Solution from Infosys Finacle in 50 Days
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Heritage Bank Deploys New Core Banking Solution from Infosys Finacle in 50 Days
Published Date: April 26, 2013
Lagos, Nigeria – April 26, 2013: Heritage Bank, a new entrant into the Nigerian banking market, today announced the successful implementation of Infosys Finacle to drive its core banking and treasury business. The solution empowers the Bank to deliver seamless service to its growing customer base of High Net Worth Individuals (HNWI), and to roll out new offerings for the small-to-medium business banking segment.
Implementation highlights
- Aggressive launch timelines: Finacle was implemented in just 50 days. This enabled Heritage Bank to meet the go-live mandate set by the Central Bank of Nigeria.
- Automation powering efficiency: With a core banking solution, Heritage Bank will achieve significant automation in both front and back office operations, reducing manual effort and optimizing banking processes. The deployment of a treasury solution delivers Straight-Through Processing (STP) capabilities, that will ensure efficient reconciliations and transaction recording and accounting.
- Account and footprint growth: The bank has opened more than 250 customer accounts within just a few days of launching the new solution, and continues to onboard more. Three new branches have been added to its network with plans to grow to 19 outlets by the end of the year.
- Target new segments: While addressing a large and existing HNWI user base is central to the bank’s business goals, Finacle will also enable Heritage Bank launch fresh product offerings targeted at the small-to-medium business segment, driving business growth.
- Branchless Banking: Heritage Bank will deploy branchless banking using Finacle. The new solution facilitates transactions on mobiles, smartphones and tablets to deliver the convenience of anytime, anywhere banking.
Quotes
Commenting on this feat by the bank, Ike Williams, CIO, Heritage Bank said:
“Heritage Bank has set out to be a force in the Nigerian banking sector through the effective use of cutting edge technology. Starting with a world record for the fastest core banking deployment is an indication that we mean business. This project has been quality assured by PWC, so our methodology is top notch. I doubt we could have partnered with a better provider than Infosys on this project.”
On his part, Amit Dua, AVP and Head-EMEA, Infosys Finacle said:
“With this implementation at Heritage Bank, Infosys Finacle again proves to be a key innovation enabler for our banking customers. The deployment of our bank-in-a-box solution on such tight timelines demonstrates our ability to meet customer deadlines. As our 14th customer in the Nigerian market, Finacle understands the bank’s needs and challenges in accelerating their innovation agenda.”
About Heritage Bank, Nigeria
Heritage Banking Company, a recently licensed financial services provider with regional banking status in Nigeria, has within just a few months of operation, established strong market-wide reputation as innovative, daring and revolutionary. The first and only operator to introduce zero COT banking in the country ahead of the CBN 2016 directive, HBC has also continued to invest heavily in integrated technology, deploying avant-garde, world class software to quickly move Nigeria fully into the highly desired era of branchless banking.
About Infosys
Infosys partners with global enterprises to drive their innovation-led growth. That’s why Forbes ranked Infosys #19 among the top 100 most innovative companies. As a leading provider of next-generation consulting, technology and outsourcing solutions, Infosys helps clients in more than 30 countries realize their goals. Visit www.infosys.com and see how Infosys (NYSE: INFY), with its 156,000+ people, is Building Tomorrow’s Enterprise® today.