Republic Bank Successfully Completes Computer System Review

Barbados, July 2014 – On the heels of introducing its new look and feel website, Republic Bank, announces the successful completion of the post-implementation review of the Infosys Finacle™ suite comprising core banking, CRM, treasury and e-banking solutions.

The Finacle implementation ensures a unified 360 degree view of each customer’s engagement with the Bank. As a result, the Bank is now able to provide a ‘single window’ service to customers and enhance customer support by identifying opportunities to cross-sell and up-sell relevant products.

“As one of the longest serving financial institutions in a highly competitive Caribbean market, we are committed to providing the best experience to our customers. While evaluating various banking systems, we found that the Finacle system was robust, efficient, reliable and state-of-the-art. We received excellent support from the Infosys team during implementation. Finacle has helped strengthen our reputation as a provider of quality service and ability to respond to customer requirements faster, with relevant value-added offerings. Since the implementation, we have seen a steady increase in the number of new customer relationships,” said Ian De Souza, Managing Director and CEO, Republic Bank.

Key highlights:
- In 2007, the Bank commenced the conversion to the Infosys Finacle core banking platform and invested BBD$23 million in state of the art technology to better serve the financial needs of its customers;

- With the new Finacle core banking solution, the Bank has been able to significantly improve its performance and operational efficiency, reducing the time taken for End of Day (EOD) operations by up to 50%;

- The Bank now has the agility to create and deploy new, innovative products in days instead of months, and provide personalized offerings to its customers;

- The Bank can also rapidly add new delivery channels and open new branches to accelerate its business growth, with minimum maintenance activity;

- With the Finacle e-Banking solution, the Bank is delivering an intuitive and personalized online banking experience to its customers, while also empowering them with a unified view of their accounts and real time control over their finances;

- At a recent post implementation review of the system by the Infosys team from India, the Finacle system was found to be performing satisfactorily and the Bank is achieving the stated results in accordance with its targets;

According to Amit Dua, Regional Head, Infosys Finacle, “The Caribbean banking market is undergoing significant transformation, with increasing customer demands and heightened competition. In such a scenario, banks are looking at technology as a key enabler for ensuring business agility and operational efficiency, along with sharpening responsiveness to customer needs. We are extremely happy to partner with Republic Bank in their pursuit to establish regional leadership and accelerate profitable growth. The Finacle platform will offer comprehensive capabilities to the bank to support their long and near-term business goals.”

The Infosys Finacle system is used by leading banks across 84 countries, some of which include: ICICI Bank, APAC; DBS, APAC; Standard Bank, Africa; Equity Bank, Africa; Emirates NBD, Middle East; RAK Bank, Middle East; Bancolombia, Americas; Banca Mifel, Americas; ING, Europe; Nykredit, Europe and Societe Generale, Europe.