Wema Bank plc, Nigeria's oldest surviving indigenous Bank and Infosys Ltd today announced the successful implementation of Finacle core banking, retail e-banking and treasury solutions across Wema Bank's 137 branches in Nigeria within a record time of eight months. Built on new generation technologies, open standards and service oriented architecture, the solutions currently support over 1.3 million user accounts and is central to Wema Bank's aggressive growth strategy that is anchored on delivering exceptional customer experience; primarily through personalized offerings and more efficient banking services.
With Finacle's scalable and secure architecture, Wema Bank could move its business critical operations to a cost effective, integrated platform - capable of supporting 24x7 multi-channel transactions. Finacle's robust implementation policy enabled Wema Bank to move its 137 branches simultaneously to the new centralized banking system significantly reducing both implementation time and costs.
Wema Bank has leveraged Finacle to:
• Provide customers multi-channel flexibility to access services and make transactions;
• Let customers choose from a range of innovative products and services;
• Enable faster and efficient customer service through improved service delivery across an integrated platform;
• Enable the audit and control team to efficiently and effectively comply with regulatory and security requirements;
• Seamlessly integrate and automate treasury operations;
• Simplify General Ledger reports and automate documentation; thereby reducing time taken for end of day operations by 80%.
As the local business partner of Infosys for over a decade, Computer Warehouse Group, Nigeria, played an integral part in the Finacle implementation and go-live support at Wema Bank.
Speaking on the implementation, Segun Oloketuyi, Managing Director and Chief Executive Officer, Wema Bank, said,"The successful implementation of the project in record time, is a reflection of our continuous commitment to our customers to always deliver a delightful service experience at all times. The Finacle CBA has improved our capacity at Wema Bank to provide value-added, customer-centric on-line and in-branch banking services, while complying to regulations, improving efficiency and productivity".
Sanat Rao, Vice-President & Global Head, Client Services - Finacle, Infosys commented,"While this implementation took just eight months, what was more important to us was the fact that this new solution has been able to create the required differentiation and improved customer experience for the bank. As the preferred banking technology provider in Africa, with 11 customer banks in Nigeria alone, Finacle is delighted to partner with Wema Bank in their transformation journey."
About Wema Bank
Established in 1945, Wema Bank (wemabank.com) is reputably Nigeria's longest surviving indigenous Bank. With a distinctive industry brand of Relationship Banking, Wema Bank provides a wide range of financial services including Institutional Banking, Corporate Finance, Retail banking, e-business services and advisory services to a diversified client base.
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions (infosys.com/finacle) address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation.
Many of the world's most successful organizations rely on the 150,000 people of Infosys to deliver measurable business value. Infosys (infosys.com) provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise.
Certain statements in this release concerning our future growth prospects are forward-looking statements, 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 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, and unauthorized use of our intellectual property and general economic conditions affecting our industry. 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, 2011 and on Form 6-K for the quarter ended June 30, 2011 and September 30, 2011.These filings are available at 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.
Wema Bank (Corporate Communications)
O’tega Ogra, Wema Bank
T: +234 1 2711695 - E: otega.ogra[.]wemabank.com.