Infosys Finacle Client Wins at the Asian Banker Financial Technology Innovation West Africa Awards Programme 2019
United Bank for Africa and Infosys Finacle were awarded the Best Digital Transformation Initiative, Application or Programme in the West Africa at The West Africa Financial technology Innovation Awards Programme 2019. The awards ceremony was held in conjunction with Future of Finance West Africa at Lagos, Nigeria on April 25th 2019.
The Bank Transformed Its Digital Technology Platform Across 19 Countries
The bank upgraded its core banking system and implemented digital engagement hub and online banking system from Infosys Finacle. The complex multi-entity, multi-lingual project involved migration of significant data and customisations, and training of thousands of users. Completed using big bang approach across 19 countries in phases it was achieved in a short duration on 26 months. The comprehensive transformation provides strong technology foundation to the bank while facilitating it to simplify its processes and improve customer experience across channels.
The Implementation Facilitated the Bank to Launch APIs, New Digital Features and Channel Integration
Following the implementation the bank has been able to roll now new digital banking features including chat banking and omni-channel integration. The system enables document capture to digital images reducing paper dependence and provides a unified login across digital channels. Following the implementation, 80% of transactions of the bank are now done digitally. The bank has an open banking framework now that enables it to integrate with third party service providers and fintech through application programming interfaces (APIs). With an integrated view of customer information the bank also improved the turnaround time and sales capability.
The Project Increased Digital Channel Transactions by 25% and Lowered Transaction Processing Time by 30%
The project brought significant efficiency benefits and enabled the bank to discontinue several legacy systems. The transaction volume at digital channels has increased by 25% while the processing time was reduced by over 30%, the time to open a new account also decreased by over 65%. The average number of transactions processed in a day have more than doubled since go live. With this project the bank is now able to offer more intuitive, seamless and consistent banking experience to its customers across channels.
The Asian Banker West Africa Awards Programme is refereed by prominent global bankers, IT consultants and academics, and is the most prestigious of its kind in West Africa. Recipients of these awards are honoured in a gala event that recognizes their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees.
