Indian IT firm Infosys said that Housing Bank Algeria has decided to deploy its Finacle suite of solutions to improve its banking operations in Algeria. Infosys Finacle is part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys. The bank has chosen to deploy the Finacle Core Banking, Trade Finance and Internet Banking solutions and will also deploy the Finacle Islamic Banking solution for its Shariah banking product, said IT firm in a statement.
The Finacle Analytics solution will help the Algerian bank to offer targeted and customised offerings to its customers. “With Finacle, the Housing Bank Algeria will not only achieve a significant jump in operational efficiencies, but will also accelerate growth, manage scale and drive innovation,” claimed Infosys Finacle.
“With the adoption of the Finacle solution suite, the Housing Bank Algeria is among the select few banks in the MENA region with a proven technology platform to deliver a digital age banking experience to its customers. Building on our current partnerships in Jordan and Algeria, Finacle is well poised to help the bank extend this success across its other regional entities for accelerating growth and profitability,” said Sanat Rao, chief business officer and global head, Infosys Finacle.
According to IT firm, the solutions will help the bank eliminate various manual processes, enhance productivity, reduce errors and ensure 24X7 availability. It will help the bank automate processes and better manage real-time data with respect to its NPA (non-performing assets).
The solutions’ componentized, service oriented architecture will allow the bank to expose granular business functionality as services, thereby enabling enhanced collaboration with internal and external stakeholders.
With the in-built product factory capability, supported by actionable insights from the analytics capability, the bank will be able to create and launch products easily with swift go-to-market. Due to Finacle’s multi-entity capability, the need to install an instance on every bank system will no longer be required, making activities such as patch deployment, new branch, counter extension – direct and easy, said company.
Also, now the bank’s ATM operations will now be always online, overcoming risks and service limitations such as low withdrawal limits.
“We recognise today’s challenges and competition. Our strategy is to benefit from information technology evolvement by empowering and complementing the bank’s business, sales and marketing. We believe that these Finacle Solutions will support us in our mission and help us enhance our customer’s banking experience, and above all inspire us to innovate,” said Houcine Hannachi, General Manager, Housing Bank Algeria.
The Housing Bank Algeria is one among the 22 private & public banks in the country, and provides its banking operation through a network of 7 branches distributed among cities of Algiers (Dely Ibrahim and Dar El Baida), Blida, Oran, Bejaia, Setif and Constantina. The Housing Bank provides universal banking products & services for its corporate & retail customers across several channels (Branches, ATM, eBanking, and SMS Banking).