Myanmar’s Ayeyarwaddy Farmers Development Bank Enabled It’s Banking Services with Finacle Solution
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and Ayeyarwaddy Farmers Development Bank, leading commercial bank in Myanmar, announced the bank’s decision to adopt the Finacle solution suite to power the bank’s digital transformation. With Finacle, the bank aims to drive growth and innovation through state–of-the-art banking services and an enriched product portfolio.
Key Highlights of the Deployment
- With the Finacle core banking solution, the bank can achieve significant automation in front and back office operations, thereby reducing manual effort and optimizing various banking processes
- Finacle’s pre-integrated digital channels stack will enable the bank to rapidly deliver a rich and seamless digital experience to its customers. The new solution will provide a 360-degree view of customer relationships and transactions across the bank, thus enabling superior customer service and enhancing upsell and cross-sell opportunities
- Further, the in-built product factory capability will enable the bank to rapidly launch new product offerings in response to emergent market demands
ACE Data Systems Ltd, Finacle’s business partner in Myanmar, will play an integral part in implementing the solution stack at A Bank Ltd. With their experience in implementing Finacle and in-depth understanding of local banking practices, they will help ensure an accelerated delivery.
U Ye Myat Soe, Managing Director, A Bank Ltd., said, “At A bank, we are committed to delivering innovative products and services to our customers, and maintaining a high level of service quality and convenience. We recognize today’s challenges and opportunities, and our collaboration with a leading technology expert like Infosys Finacle is essential for us to stay ahead of the curve in Myanmar. We selected Infosys Finacle for their strong solution credentials, proven track record and experience of working with leading financial institutions across the world. We believe that the adoption of the Finacle suite of solutions will support us in delivering a world-class banking experience to our customers.”
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, “The banking industry in Myanmar is witnessing rapid growth with the economy opening up. Banks are showing a strong appetite for expansion and at this stage, a modern banking technology platform is critical to help Myanmar banks drive growth. We are delighted that A Bank has chosen Infosys Finacle to power its digital transformation. With the Finacle suite of solutions, A Bank will be able to integrate various channels, effortlessly develop and launch new offerings, create new lines of revenue, and work with greater efficiencies, which is in-line with the bank’s long-term growth.”
Mr. Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd., said, “We are delighted to partner with Infosys Finacle and are strongly committed to ensuring that A bank attains its business objectives of growth and business agility. We will continue to invest and innovate to drive efficiencies for our technology partners and clients in the region.”
Another fruitful collaboration between a traditional bank and a new, more tech-oriented company. Here is what my bank did in partnering with Zelle: https://www.rhinebeckbank.com/ebanking/zelle