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RAKBANK completes core banking rollout

InfoSys Finacle now operating across all 36 branches

RAKBANK completes core banking rollout
The suite supports more than 325,000 accounts and facilitates an average of 250,000 transactions daily.

The National Bank of Ras Al-Khaimah (RAKBANK) today announced the implementation of Infosys Finacle core banking solution.

More than 700,000 customer accounts at RAKBANK have moved to the new solution since June 2012, according to Infosys.

The core banking suite is now installed across all 36 RAKBANK branches and Infosys said it has enabled RAKBANK to "streamline business processes, resulting in higher productivity across branches. Implementing the Finacle core banking solution has helped RAKBANK integrate more than 35 other systems, replace redundant ones and introduce more efficient processes".

Central to the solution is Finacle's Enterprise Customer Information File, a single-point data source on customers and their transaction patterns. The resource is designed to help reduce time to market for new products. The solution also automates the core functions of the bank's data centres, aiming for reduction in manual errors and streamlined operations. In addition, the Finacle e-banking legacy solution that drives the bank's online transactions works in tandem with the latest solution.

The e-banking suite supports more than 325,000 accounts and facilitates an average of 250,000 transactions daily across RAKBANK's various branches.

 "The Finacle implementation gives RAKBANK a technological leap forward when it comes to improving our products and services," said Tim Basford, COO, RAKBANK.

"We worked with Infosys to deliver a smooth startup of the new system, with absolutely no disruption to customer service."

 Haragopal M, global head, Finacle, Infosys said: "We are focused on helping banks enrich customer experience and drive business growth. RAKBANK is one of our valued customers in the Middle East. This partnership with Infosys Finacle is just the beginning of a transformation that will help RAKBANK deliver best-in-class banking services to its customers across the region."

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