Heritage Bank, a new entrant into the Nigerian banking market, has announced the successful implementation of Infosys Finacle in world record time of just fifty (50) days to drive its core banking and treasury business.
The solution empowers the Bank to deliver seamless service to its growing customer base of High Net Worth Individuals (HNWI), and to roll out new offerings for the small-to-medium business banking segment.
The deployment of Finacle by Heritage Bank was implemented in just 50 days, thereby enabling the Bank to meet the go-live mandate set by the Central Bank of Nigeria. With this core banking solution, Heritage Bank will achieve significant automation in both front and back office operations, reducing manual effort and optimizing banking processes.
Already, the bank has opened more than 250 customer accounts within just a few days of launching the new solution, and continues to onboard more.
While addressing a large and existing HNWI user base is central to the bank’s business goals, Finacle will also enable Heritage Bank launch fresh product offerings targeted at the small-to-medium business segment, driving business growth.
Most significantly, Heritage Bank’s commitment to branchless banking is being further driven by the new solution which is capable of facilitating transactions on mobiles, smartphones and tablets to deliver the convenience of anytime, anywhere banking.
Commenting on this new feat by the bank, Ike Williams, CIO, Heritage Bank said:
“Heritage Bank has set out to be a force in the Nigerian banking sector through the effective use of cutting edge technology. Starting with a world record for the fastest core banking deployment is an indication that we mean business.
The deployment of a treasury solution delivers Straight Through Processing (STP) capabilities that will ensure efficient reconciliations and transaction recording and accounting. This project has been quality assured by PWC, so our methodology is top notch. I doubt we could have partnered with a better provider than Infosys on this project.”
On his part, Amit Dua, AVP and Head-EMEA, Infosys Finacle said:
“With this implementation at Heritage Bank, Infosys Finacle again proves to be a key innovation enabler for our banking customers. The deployment of our bank-in-a-box solution on such tight timelines demonstrates our ability to meet customer deadlines. As our 14th customer in the Nigerian market, Finacle understands the bank’s needs and challenges in accelerating their innovation agenda.”