Rizal Commercial Banking Corporation (RCBC), a private domestic commercial bank in the Philippines, has implemented the Finacle core banking solution from Infosys on the IBM System Z server to transform its business and leverage new growth opportunities in an increasingly competitive consumer banking market.
From its current customer base of 3.6 million, the bank has set a goal of having 10 million new customers by 2014. RCBC selected Finacle running on an IBM System Z server to consolidate data and applications from across disparate systems and establish a single source of customer information, Infosys said in a filing to the BSE on Tuesday.
The new solution will provide the foundation RCBC needs to create value-added services that will increase customer adoption for its MyWallet electronic cash card. The bank is targeting to grow its cash card base by 4 million this year, more than doubling the 1.8-million users it on-boarded last year, it added.
This core banking-led transformation entailed upgrading 96 application systems, reconfiguring over 400 branches and migrating 3.2 million customers. With the potential to impact 3 million transactions month-on-month, the transformation was orchestrated with no disruption in services to RCBC clients, the release said.
“This successful implementation demonstrates our growing traction in the Philippines market, where several of the region's most successful banks are powered by Finacle. At RCBC, Finacle will enable the bank to bring an enhanced and consolidated product portfolio to the market,” said Sanat Rao, vice-president and global head (client services, Finacle), Infosys.
“With Finacle on System Z, we are able to extend the many benefits of our core banking solution while taking advantage of the significant cost benefits offered by IBM’s mainframe platform,” he added.
Infosys Limited’s scrip is currently trading at Rs 2,364 on the BSE, down 0.93%, over the previous close of Rs 2,386.20 per share.
