Demand for enhanced customer experience and operational efficiency drives replacement of legacy lending system
Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced that Mediterranean Bank (the Bank), one of the leading Maltese banks, has gone live on the Finacle Lending Module. The Bank has replaced its existing lending solution with Finacle to provide a unified, consistent platform for its corporate customers.
The move to Finacle Lending will provide the Bank a flexible solution with the ability to offer various types of loans to meet customer requirements faster and at a lower cost, thereby enhancing its overall revenues.
The Lending Module is a new addition to Mediterranean Bank’s existing suite of Finacle applications, which includes Finacle Core Banking, Treasury and Corporate Online Banking. Over the years Mediterranean Bank has successfully extended its services beyond Malta by opening a bank subsidiary in Belgium, leveraging the multi-entity capabilities of the Finacle solution suite.
- The solution provides extensive flexibility to Mediterranean Bank to deliver tailor-made loan offerings to the unique requirements of its corporate customers
- The Bank is leveraging Finacle to manage the entire loan-servicing lifecycle. The comprehensive solution is helping the Bank have a real-time view of its customers’ loan positions and manage the risk effectively
- Finacle’s open architecture, built on modern technologies, will enable Mediterranean Bank to drive extensive automation across the lending process
- The entire program was completed in just three months leveraging the agile implementation methodology.
Charles Cini, Head of Corporate Banking at Mediterranean Bank said,“The new Infosys Finacle Lending Module will allow us to provide the highest quality service to our corporate customers, whilst driving operational efficiency with a modern platform. We look forward to improving our risk management capabilities and simplifying and extending our business lines for our customers’ benefit.”
SanatRao, Chief Business Officer and Global Head at Infosys Finacle said,“The Finacle Lending Solution provides banks the agility and the scalability to respond to shifting customer needs and market requirements in the burgeoning digital era. Replacing its legacy lending system with a modern offering like the Finacle Lending Solution will not only present Mediterranean Bank with new business opportunities, but also enable the bank to provide a rich, modern banking experience to its customers.”