Standard Bank chooses Finacle digital commerce solution to drive agency banking and increase financial service efficiency across Africa
Infosys, a global leader in consulting and technology, announced another successful partnership sparked by its recently unveiled Finacle™ digital commerce solution. Finacle™ will power agency banking for Standard Bank and help the bank extend service channels across its markets in Africa. This new alternate channel for the bank will offer value-added financial services to consumers, in Africa, while also reducing cost of operations for the bank.
Finacle™ digital commerce solution helps unlock new revenue streams not only for financial institutions, but also telecom service providers and retailers by enabling instant cashless payments and commerce between merchants and consumers. The solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel. Standard Bank, leveraging Finacle™, will onboard and manage agents, using the mobile or Internet channels, to service remote customers cost-effectively. The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.
Commenting upon the partnership, Terry Moodley, Chief Executive, Personal and Business Banking Africa at Standard Bank, said “Mobility is a critical component of our business growth in Africa. We see the rapid proliferation and take up of mobile and mobility services, and in some areas Africa is leading the way for the rest of the world. In this dynamic business and technology environment we need to be agile in responding to continually evolving customer needs but also have the flexibility to innovate and differentiate ourselves in the market place. Finacle digital commerce solution from Infosys provides us with the technology platform to deliver on our mobility strategy thereby positively impacting the communities in which we operate and keeping our customers moving forward.”
According to Haragopal Mangipudi, Global Head - Finacle, Infosys, “With Finacle™ digital commerce, we aim to accelerate innovation for financial institutions, telecom providers and retailers. We believe there is a growing market for payments, and cost-effective agency services, driven by access to digital channels. Our partnership with Standard Bank is a great example of how organizations can harness the immense potential of digital money to extend banking reach and spark new growth opportunities.”