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.”
Hampshire Trust Bank appoints new chairman
Hampshire Trust Bank has announced the appointment of Robert Sharpe as its new chairman, subject to regulatory approval...
Metro Bank confirms director of commercial real estate departure
Metro Bank has confirmed that its director of commercial real estate Andy Hallett has stepped down from his position...
Revolut introduces exclusive offers
Revolut has added a new feature to display exclusive offers from high street brands and start-ups on its mobile app...
Revolut set to offer cryptocurrencies
Revolut has announced that it is soon to release phase one of its cryptocurrency offering to its customers...
Redwood Bank moves into new head office
Redwood Bank has announced that it has moved into its new head office in Hertfordshire...
Paragon Group of Companies to become Paragon Banking Group
The Paragon Group of Companies has announced a strategic reorganisation, which it hopes will accelerate its transformation into a diversified specialist banking institution...
CivilisedBank appoints new CEO
CivilisedBank has appointed Philip Acton as its new CEO to lead the bank through its build phase towards launch in early 2018...
Are new banks attracting the older community?
New banks are not yet doing enough to target older customers, according to one mobile bank...
Fintech company to receive €30m from EIB
The European Investment Bank (EIB) will be providing Swedish fintech company iZettle with €30m in debt funding over the next three years..