Infosys: Bank Sohar Implements Latest Finacle Core Banking and Analytics Solutions to Drive Digital Transformation

BENGALURU, India and MUSCAT, Oman, June 5, 2018 /PRNewswire/ --

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), today announced the successful implementation of the Finacle Core Banking and Analytics solutions, at Bank Sohar one of the fastest growing banks in Oman. The bank currently uses the Finacle Online Banking, Alerts and Treasury solutions; and the enhanced Finacle suite will enable Bank Sohar to accelerate its digital transformation journey, while providing a world-class banking experience to its retail and corporate customers across channels.

Highlights

• Tailored dashboards and reports provided by the solution will offer a comprehensive 360 degree view of customer behavior and preferences, thereby facilitating relationship managers to engage customers with personalized services
• The integrated advanced analytics solution will help the bank gain deeper understanding of customer needs and enhance targeted cross-selling
• With an open API (application programming interface) framework, the latest Finacle core banking solution will allow the bank to effectively implement open banking and easily collaborate with its external ecosystem, including partners and FinTechs
• The solution will also enable the bank to swiftly create and launch new products across business lines such as Syndicated Loans, Leasing, Securitization and Liquidity Management
• The bank has been able to automate several processes, including Credit Card Origination, Retail and Commercial Loan Origination, as well as ensure paper free customer onboarding, thereby significantly improving operational efficiency and productivity

Ahmed Al Musalmi, Chief Executive Officer, Bank Sohar, said, "Along the lines of our vision to be the most preferred bank in Oman, Bank Sohar has successfully met its twin objective through this transformation. Primarily, to prime our banking systems for the digital banking era and secondly, to have systems that are able to deliver nothing less than the best banking experience to our customers. With this new platform, we look forward to realizing sustainable growth in every sector of our business, and be able to offer our customers what they need even before they ask. We want Bank Sohar to be known as the 'one-stop-financial-super-mall' catering to the diverse needs of our individual and corporate customer segments, across Oman."

Mujahid Said Daud Al Zadjaly, DGM IT & Alternate Channels, Bank Sohar, said, "With the new generation Infosys Finacle platform, our banking systems are much more flexible and agile. We are able to expose APIs to integrate with third-party solutions and partner products, and introduce innovative offerings to our clients swiftly. We are confident of understanding our customers' needs better and make banking simpler and enjoyable for them."  

Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, "A truly digital transformation of banking operations is no longer a choice for progressive banks, but an inevitable need today. To achieve this, banks need to take a holistic approach to digitization covering front-to-back office processes. The technology rejuvenation along with new solutions at Bank Sohar will provide the bank a robust foundation to drive growth and the agility to innovate continuously."

About Infosys Finacle 

Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned 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.

Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others

To know more, visitwww.finacle.com/ https://www.bseindia.com/xml-data/corpfiling/AttachLive/9775fc4f-24dd-4568-b765-c232e37fe993.pdf 

Safe Harbor

Certain statements in this press 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, 2017. These filings are available at www.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 any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. 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.

Media contacts:

Asia Pacific
Sarah Gideon
Infosys, India
+91 80 4156 3998
[email protected]

EMEA
Margherita Di Cerbo
Infosys, Europe
+44 2075162748
[email protected]

Americas
Chiku Somaiya
Infosys, USA
+1 408 375 2722
[email protected]

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