"Up to now, the banking industry has been wary of adopting cloud solutions,” said Michael Reh, executive vice president and CEO (designate), EdgeVerve.
"Infosys Finacle and Oracle have been working together for over a decade now,” said Thomas Kurian, president, Product Development, Oracle. “With the Oracle and Infosys Finacle offerings, banks across the globe can take advantage of the latest Finacle stack along with our industry leading enterprise cloud infrastructure.”Īccording to the companies, the offering will enable banks globally to leverage Finacle’s solution suite, along with other enterprise-class applications hosted on premise or in an external environment, to gain agility and cost efficiencies. Though the banking industry has been wary of adopting cloud solutions, with this offering, Finacle becomes one of the first comprehensive banking platforms to be available as a managed service on Oracle Compute Cloud. The latest technology foundation will help Bank Dhofar further strengthen its market leadership and drive innovation-driven growth.Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, has launched a new offering, “Finacle as a managed service on Oracle Cloud.” Sajit Vijayakumar, Senior Vice President and Chief Operating Officer of Infosys Finacle, said: The success of this comprehensive modernization underscores our position as a trusted digital transformation partner for industry-leading digital banking suite providers and financial institutions. We are currently in a position to provide our customers with world-class banking facilities with new platforms, either in branches or digital channels, to strengthen their leadership position in the Sultanate. Since its launch, BankDhofar considers it to be the highest ranked in terms of technology leadership and range of capabilities. Abdul Hakeem Omar Al Ojaili, Chief Executive Officer of Bank Dhofar, said: We are pleased that the transformation program covering technology upgrades, channel improvements, process improvements, data reconstruction, branch modernization, and cultural transformation is on track and there is no room for disruption to end customers. BankDhofar is now able to quickly collaborate with external digital ecosystems to get to market faster with a comprehensive suite of fast, scalable web services and over 1100 RESTful APIs. In addition, BankDhofar has trained more than 800 staff on the new platform and implemented preferential pricing, VAT, and country restrictions. Phase 3 – In this phase, we revamped our entire back-end technology infrastructure by upgrading the Finacle Treasury, Finacle Payments, and Finacle Core Banking platforms to the latest Finacle 11 enterprise version. Banks have also implemented the Finacle Digital Engagement Hub as a platform for delivering integrated, contextual digital banking services across channels and redesigned their customer service processes to facilitate the transition to digital. Phase 2-This phase saw a digital channel modernization program that included upgrading existing Finacle online banking applications for both retail banking and corporate banking. Since then, our digital-era branches have significantly improved staff performance, improved customer satisfaction for both enterprise and enterprise customers, and a significant increase in the ratio of sales to services. Phase 1 – BankDhofar has modernized its branches in consultation with Infosys’ customer-centric digital transformation studio, with the dual purpose of simplifying banking operations and improving the customer experience. The program completes faster than planned and is in line with the bank’s vision of becoming a digital-first entity, with the bank’s core banking platform, digital channels, and branch office digital transformation, and “the best banks in the Gulf for a customer experience.” I covered it. Announced that it was successfully completed. Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), and Bank Dhofar, one of Oman’s leading banks, today offer a comprehensive, three-step modernization program for banks.
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