Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and MauBank, a leading bank in the Republic of Mauritius, today announced the bank’s successful adoption of Finacle’s Leasing Solution for its strategic leasing services business. MauBank’s leasing system will run on a single platform that enables higher operational efficiency, reduced costs and an enhanced banking experience for its customers.
The merger of Mauritius Post and Cooperative Bank (MPCB) and National Commercial Bank (NCB) in January 2016 created the new MauBank, which is powered by Infosys Finacle Solutions that includes Core Banking, Online Banking, Treasury and Alerts. Furthermore, NCB’s subsidiary Mauritius Leasing Company, offering leasing products, was also integrated into MauBank and the Finacle Leasing Solution was chosen to replace its earlier legacy third-party platform.
· The implementation was completed in 10 weeks, with zero impact on ongoing customer services
· The bank has increased operational efficiency by over 40 per cent with the optimization of processes through the Finacle Leasing Solution
· With the new solution, the bank has eliminated duplicate systems and unified various components, achieving a 20 per cent saving in maintenance costs
· Automation of processes like statement generation, late fee computation and reconciliation, among others, have resulted in a significant drop in human error and person dependencies
· Integration of the new leasing solution with rest of the enterprise applications has ensured consolidation and optimization of customer data into a single source. This supports faster resolution of customer requests and enables the bank to make targeted offerings, thereby improving the end customer experience significantly
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle:
“Simplifying the technology footprint is a critical step in renewing legacy systems and moving towards a truly digital banking experience. Following the merger, MauBank has been very progressive in its decision to consolidate and modernize its banking systems. The latest step towards a unified platform for their leasing services will ensure a sound technology foundation for the bank, enabling growth, profitability and a smarter banking experience for its customers.”
Sayyad Khodabocus, Head – IT Applications, MauBank:
“MauBank is committed to being the most progressive and preferred bank in Mauritius. Our aim of ensuring world-class banking services along with industry leading growth, is tied to consolidating our operations on best of breed banking platforms. We believe the Finacle Leasing Solution will help us scale our leasing operations and boost productivity, thus positioning the service line as a key business driver.”