International Finance Investment and Commerce Bank (IFIC) has appointed fintech company Finastra to provide digital services to its retail and SME banking customers
The Bangladesh-based bank will use FusionBanking Essence Online and Mobile to deliver advanced digital services to the local banking market.
IFIC has been a longstanding user of FusionBanking Equation, FusionBanking Essence Teller and FusionBanking Trade Innovation and will add FusionBanking Essence Online and Mobile this year in Bangladesh and Nepal.
“Historically 90% of our business has come from the corporate side, but we’ve been making a concerted effort to reduce this dependence and strengthen our SME and retail client share,” said Shah Sarwar, managing director and CEO at IFIC.
“The market here is extremely competitive and we’re evolving our position as a customer-centric bank so that we can deliver convenient, innovative products in branch and via our new digital channels.
“We’ve worked with Misys (now Finastra) for a long time and they have never failed us so it made sense to build on this strong foundation.”
IFIC has also selected FusionBanking Essence Loan Origination to automate manual processes.
Simon Paris, deputy CEO at Finastra, said: “In a country where a lot of people have mobile phones, but bank account access in rural areas tends to be limited and cash is fragmented in small quantities, IFIC is working hard to disrupt the market and bring wider banking
services to all.
“Technology is a key enabler and digital channels will form an important part of making small savings and loans viable in the region.
“Our solutions are well placed to support this transformation and will help the bank to better compete in the retail market, as well as attracting and retaining customers.”
Development Bank of Wales provides £500,000 to IT repairs business
Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales
Wesleyan Bank names new director
Wesleyan Bank has strengthened its management team with the appointment of Simon Welling (pictured above) as its director of sales and marketing.
Cash Isa savers missing out on transfer market
Half of cash Isa savers aged 55-plus (50%) have never moved their accounts to another provider, according to a new study.
CivilisedBank secures further funding
CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
A round-up of the latest specialist banking products
With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
Hanley Economic BS rebrands
Hanley Economic Building Society has rebranded as it launches its first ever TV advertising campaign.
Lydia raises a further €13m
Lydia has announced that it has raised a further €13m, taking the total amount raised by the French fintech start-up to over €23m.
Fintech as a force for good
The big news around fintech focuses on the many ways it is already making financial services more profitable, more scalable, more secure and more user-friendly.
FIBA commits to 30 events
The Financial Intermediary & Broker Association (FIBA) has announced 30 regional meetings for its members and intermediaries interested in joining the Association.
20% of brands to abandon their mobile apps by 2019
A fifth of brands will abandon their mobile apps by 2019 due to a lack of adoption and customer engagement, according to a study by research and advisory company Gartner.