New Delhi: IT services major Infosys on Tuesday said it is providing banking software solutions to Philippines-based Bank of Makati, which recently transitioned into a savings bank.
Bank of Makati (BMI) has implemented Infosys' Finacle core banking solution to transform customer experience and drive growth at reduced costs, the firm said in a statement.
This deployment will enable BMI to better promote its business and housing loan products nationwide and also aggressively expand its customer base and loan volumes, it added.
It will also help BMI to procure business from the large pool of motorcycle loan borrowers by issuing special ATM cards, thereby converting them into retail banking customers.
BMI was the Philippines' largest rural bank before it became a savings bank. It is also a provider of motorcycle loans.
The transformation from the old legacy system to the Infosys Finacle Core Banking Solution began in September last year and the solution was taken live on June 1, 2014.
The new solution has improved automation and operational efficiency in daily transactions and reduced clearing processing time from four hours to less than 45 minutes.
Daily processes, such as record-keeping, end-of-day processing of transactions, clearing, settlement and reconciliation, which consumed several hours previously, are now handled locally at each branch in less than 15 minutes.
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