The bank is looking to adapt to a rapidly changing business environment in Central Asia and manage their expanding customer base.
• Golomt Bank's technology infrastructure comprises diverse systems resulting in integration and operational efficiency challenges;
• Finacle was chosen to advance its infrastructure scalability and to support the large range of functionality the bank required;
• Finacle will modernize retail and commercial banking services across the bank's 85 branches. It will also support Golomt Bank's ambitious growth plans of adding 50 new branches in the next three years;
• The implementation will include Finacle core banking solution along with CRM, treasury, e-banking and mobile banking solutions.
N Ochirkhuyag, Director of Marketing, Golomt Bank:
"Golomt Bank is committed to staying focused on the quality of our customers' experience, even as we look at expanding our presence. We believe technology is the key to accelerate our transformation. With Infosys, we have found the right partner who brings an industry-leading product in Finacle, and proven expertise to ensure an efficient implementation. We believe the new solution will be the key to support our needs today and help us build our bank of tomorrow."
Haragopal M., Global Head, Infosys Finacle:
"Golomt Bank has a well-defined strategy to accelerate growth opportunities in the fast-growing Mongolian economy. Infosys Finacle will power the bank's growth strategy and help it expand reach, introduce new products and services, while delivering a superior banking experience. Golomt Bank is Finacle's first customer in Mongolia. This win further strengthens our presence across emerging markets in Asia."
About Golomt Bank
Golomt Bank was established in 1995 as a wholly owned subsidiary of Bodi International L.L.C., the premier diversified conglomerate recognized for its seminal contribution to economic and social development in Mongolia. Golomt Bank offers the complete spectrum of commercial and investment banking services to both domestic and international enterprises active in or trading and investing in Mongolia. It has long been the pioneer among Mongolian banks introducing card services, E-banking, adherence to IFRS, appointment of Big 4 external auditors and in the combined fields of transparency and corporate governance. Golomt Bank's exclusive focus as a customer-centric bank has led to its constantly expanding market share within the overall banking and financial sector. Golomt Bank remains the only Mongolian bank to attract direct equity related investment from any of the world's major international commercial financial institutions including: Credit Suisse, Abu Dhabi Investment Council, Swiss-MO Investment AG and Trafigura Beheer B.V. Golomt Bank was the first Mongolian commercial bank admitted to the S.W.I.F.T network to execute our customers’ international money transfers and enjoys correspondent banking relationships with many of the world’s leading banks in the major international and regional trading economies and plays a predominant role in international remittances to and from Mongolia. As further recognition of the, Bank's leading reputation among international counterparties, Golomt Bank was selected by American Express as exclusive acquirer bank in Mongolia and by IATA (The International Air Transport Association) as exclusive Billing and Settlement Plan Bank in Mongolia.
Infosys (infosys.com) 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.
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, 2012 and on Form 6-K for the quarter ended June 30, 2012, September 30, 2012 and December 31, 2012. 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.