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Thursday, July 27, 2017

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IFIC selects Finastra to support retail banking business

Jordan Williams | 15:31 Monday 17th July 2017

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.”

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