Bengaluru, India – Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, and UnionBank of the Philippines (UBP), a leading bank in the Philippines, announced that the bank will migrate from an on-premise deployment to the state-of-the-art Finacle Digital Banking Solution Suite on Cloud. Over 8 million customer accounts will be considered for migration to the new software-as-a-service (SaaS) platform. The transition will enable UnionBank to scale both its Retail and Corporate Banking operations, rapidly develop and deploy new capabilities, and deliver frictionless, personalized, and secure digital banking services to its customers, in a cost-efficient manner.
- The Finacle Digital Banking Solution Suite covers customer onboarding, deposits, loans, payments, and trade finance business areas. Being part of a common technology stack, this will enable UnionBank to standardize business processes, simplify enterprise architecture and offer tailored services.
- With this upgrade and cloud-based deployment model, UnionBank will be able to benefit from a secure, scalable, and flexible IT infrastructure. It will help the Bank to significantly lower total cost of operations, while speeding up innovation and time-to-market for new initiatives.
- The end-to-end managed services of the SaaS offering facilitates business applications, infrastructure, preventive maintenance, and support, to enable mission-critical service delivery. This will empower the bank to focus on its core business and driving growth.
- Finacle’s extensive open API (application programming interface) repository on cloud will enable the bank with the agility required to integrate and co-innovate with ecosystem partners easily and seamlessly.
- Overall, the solution suite will help enhance digitization and automation across the enterprise, leading to significantly improved customer experience, greater STP (straight through processing), and lower operational costs.
Henry Rhoel R. Aguda, Senior Executive Vice President, Chief technology, Operations and Transformation Officer, UnionBank of the Philippines, said, “Even as our customers shift and readjust how they bank in these challenging times, it is our continuous endeavor to provide them with a world class customer experience. Unlike banks with decades-old legacy systems, UnionBank has invested early in flexible, open systems. The move from an on-premise to the cloud based Finacle Digital Banking Solution Suite is the next strategic step in that direction, that will set us up for success long into the future. We are investing in this new platform to gain exponential benefits in reducing costs, increasing efficiency and ultimately, delivering a world class digital customer experience.“
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “As progressive banks across the world prioritize on digital, the Philippines has emerged as a centre of digital banking innovation. Infosys Finacle has had a strong and growing presence in this market for almost two decades and we are proud to have partnered many of the digital leaders here. UnionBank, our long-term customer, is leading the way to the future, as they have always done, with the migration to the Finacle Digital Banking Solution Suite on Cloud. This transformation will enable UnionBank to be one step ahead of its competition and ready for the future, today. We are excited to begin this journey with UnionBank and look forward to enabling it for success.”
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking Solution, on average, enjoy 7.2% points lower costs-to-income ratio than others. To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, 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 COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT 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 or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. 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, 2021. 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 unless it is required by law.