BankCom taps Infosys Finacle for digital transformation
Giant conglomerate San Miguel Corp.’s (SMC) affiliate Bank of Commerce (BankCom) has tapped Infosys Finacle, a global leader in banking technology, to help accelerate its digital transformation and redefine banking experience for customers.
In a disclosure to the Philippine Stock Exchange (PSE), the bank said “the partnership will enable BankCom to upgrade its systems with Infosys Finacle’s advanced and comprehensive banking solutions. This means replacing legacy systems with new and more efficient technology."
“We are pleased to have chosen Infosys Finacle due to its established presence in the Philippines, robust solutions suite, and record of reliable delivery in the market,” BankCom President and CEO Michelangelo R. Aguilar said.
He added that, “the modernization of our core banking system is an integral part of BankCom’s digital transformation journey as a universal bank in delivering a truly digital banking experience to our clients.”
“It will enable us to operate better, innovate, and keep pace with industry best practices, regulatory requirements, and evolving expectations of the markets we serve, notably the San Miguel Group and SMC ecosystem,” Aguilar noted.
Infosys Finacle Senior Vice President & Global Head of Sales Venkatramana Gosavi said "we are delighted to be selected as the preferred partner for Bank of Commerce’s digital core transformation journey."
Gosavi expressed confidence that Finacle's suite of solutions would assist the bank in achieving a client- focused banking platform aligned with strategic business and technology requirements.
BankCom, for instance, will be able to roll out new, unique banking products and services quicker than ever using Finacle’s flexible product factories. Customers will also benefit from a banking experience that is not only more secure but also more user- friendly with its new open application programming interfaces (APIs).
With Finacle’s Customer Data Hub, customers will have instant access to their account information across different platforms, making banking more convenient and personalized.
Retail and corporate customers will also be able to manage and optimize liquidity on any device and across borders, currencies, and banks through the Finacle Liquidity Management solution.
Another module called Finacle Alerts will keep customers and designated bank personnel informed through SMS or email about significant account activities promptly.