Indian platform for Digital Mongolia
XacBank, a leading universal bank in Mongolia, has selected Finacle’s core banking, treasury, and corporate banking solution suites to power XacBank’s digital transformation.
The Finacle solution suite will enable the bank to drive all-round business transformation to improve customer engagement, operational excellence, and the flexibility to launch tailored offerings on-demand, for continuous innovation and growth.
With Finacle’s digital core banking suite, XacBank will gain a comprehensive set of capabilities and an open platform to establish a robust foundation for its digital future. The digital product factory will enable the bank to evolve its offerings at speed to keep in sync with market dynamics, Infosys Finacle, part of EdgeVerve Systems, announced on 24 Nov 2020.
The broad suite of enterprise products – deposits, loans, limits and collaterals, payments, trade finance – will enable XacBank to standardize business processes, simplify enterprise architecture and offer tailored services.
The Finacle Treasury solution will provide XacBank with a single, unified platform to enable trading, risk management and processing across a wide expanse of cross-asset classes.
This solution suite will help the bank accelerate its digitization and automation journey across the enterprise, resulting in improved customer experience and lower costs of operation.
Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, “At XacBank, we aspire to be the preferred bank in Mongolia for all our customers’ segments, by providing a modern digital banking experience, while serving their financial needs in a secure manner.
“To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs.
“With Finacle’s new-age digital core banking platform, I believe we are well placed to meet the present and future demands of our customers with ease while contributing to the economic development of Mongolia,” said Gumenjav.
Narayan Samant, Chief Information Officer, XacBank, said, “As an innovation leader in Mongolia’s banking sector, our focus is to leverage a digital-first strategy to provide custom-curated financial services to our digital-savvy customers.
“We chose Infosys Finacle due to its proven credentials and track record of easily adapting to the dynamic banking landscape in Mongolia. We are confident that the functionally rich and technologically advanced platform will support our growth aspiration and provide a world-class banking experience for our customers.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “XacBank has shown an admirable preference for being ahead of the curve in technology adoption and ensuring a world-class banking experience for its customers.
“To help XacBank achieve this vision, we are delighted to deploy our industry-leading Finacle solution suite, the preferred platform of choice for leading banks in Mongolia. With Finacle, XacBank will benefit from comprehensive, contemporary capabilities to power current and emerging requirements and keep pace with a dynamic business environment,” said Gosavi.
XacBank provides integrated banking and financial solutions to consumers and MSMEs throughout its 80, nation-wide branches. As of today, XacBank serves approximately 800,000 customers.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly-owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts. #technologies #banking /fiinews.com
