This deployment will enable BMI to better promote its business and housing loan products nationwide, and also aggressively expand its customer base and loan volumes. It will also help BMI to procure business from the large pool of motorcycle loan borrowers by issuing special ATM cards, thereby converting them into retail banking customers.
BMI was the Philippines’ largest rural bank before it became a savings bank. It is also the leading provider of motorcycle loans in the country. The transformation from the old legacy system to the Infosys Finacle Core Banking Solution began in September last year, and the solution was taken live on June 1, 2014.
• Infosys Finacle replaces BMI’s legacy platform with a robust automated system that can scale up to meet growing business volumes;
• The new solution has improved automation and operational efficiency in daily transactions and reduced clearing processing time from four hours to less than 45 minutes;
• Daily processes, such as record-keeping, end-of-day processing of transactions, clearing, settlement and reconciliation, which consumed several hours previously, are now handled locally at each branch in less than 15 minutes;
• The implementation has lowered the Total Cost of Operations by capitalizing on the bank’s existing technology investments and minimizing additional investments;
• The solution’s ability to operate in a Linux-based environment allows BMI the flexibility to add new or transition existing IT infrastructure. This flexibility has also helped improve the bank’s time-to-market for new products. BMI can now create customized offerings and easily address new business segments, such as home and small business loans.
Ma. Rodora E. Bañares, President, BMI:
“Bank of Makati’s transformation will allow us to deliver flexible and more efficient services to our customers. Infosys Finacle’s next-generation core banking solution, with its clear cost advantage, allows us to become increasingly agile as we continue to offer innovative services to our customers. The smooth implementation of the innovative solution will further improve the experience our customers enjoy and create new pathways for revenue growth.”
Venkatramana Gosavi, Regional Head Growth Markets, Infosys Finacle:
“Banks in the Philippines are showing a strong interest in modernization and facilitating financial inclusion. Finacle is committed to offering leading-edge technology and global best practices to financial institutions in the country, to help them provide a world-class banking experience to their customers. Bank of Makati’s management has shown great commitment to this project and the success of the program is testimony to our strong collaboration.”
Infosys (infosys.com) is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations 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 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, 2014 and on Form 6-K for the quarter ended June 30, 2014. 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. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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.
Paul de Lara - Infosys, UK
P: +44(0)20 7516 2748 - E: Paul_deLara[.]infosys.com.
John Gallagher - Brunswick Group for Infosys, USA
P: +1 415-316-8060 - E: jgallagher[.]brunswickgroup.com.