Infosys Finacle to power digital transformation of Bank of Commerce
In a significant move for the Philippine banking sector, Bank of Commerce, an affiliate of San Miguel Corporation (SMC) group, has announced its collaboration with Infosys Finacle, part of EdgeVerve Systems and a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY). This partnership aims to transform the core banking system of Bank of Commerce with Infosys Finacle’s advanced suite, which includes Finacle Core Banking, Finacle Liquidity Management, and Finacle Customer Data Hub solutions.
Highlights of the Digital Transformation
The integration with Finacle’s componentized core banking solution is set to replace BankCom’s legacy systems, enabling a risk-mitigated digital transformation. This move is pivotal in keeping pace with evolving market expectations and aligns with BankCom’s vision for a digitally enhanced banking experience. The Finacle Core Banking solution promises a comprehensive range of capabilities, including product factories that facilitate innovation and differentiation in services. Additionally, the Finacle Liquidity Management solution will offer cross-border, multi-currency liquidity optimization for BankCom customers. The Finacle Customer Data Hub will unify customer data management, providing real-time customer insights across platforms and channels.
Bank of Commerce Selects Infosys Finacle Suite for Core Banking Transformation: A Key Digital Shift in Philippine Banking. Photo courtesy of Infosys Limited.
Executive Perspectives
Michelangelo R. Aguilar, President and CEO of Bank of Commerce, emphasized the selection of Infosys Finacle due to its strong market presence in the Philippines, robust solutions suite, and proven reliability. He highlighted the core system modernization as a crucial element in BankCom’s digital transformation journey, which aims to elevate the bank’s operations and innovation capabilities.
Venkatramana Gosavi, Senior Vice President & Global Head of Sales at Infosys Finacle, expressed delight in partnering with Bank of Commerce. He emphasized that Finacle’s suite of solutions will enable the bank to establish a client-focused platform, aligning with its strategic business and technology objectives.
This partnership marks a significant milestone in Infosys Finacle’s two-decade presence in the Philippines, underscoring its commitment to aiding Philippine banks in their digital evolution.