Mongolia’s XacBank deploys Infosys Finacle suite for digital transformation

Infosys said that XacBank, a universal bank in Mongolia, has executed its digital transformation program by deploying the digital banking solution suite of Infosys Finacle.

According to the Indian digital services and consulting provider, its Finacle suite will drive the corporate and retail banking operations of XacBank and provides a solid digital platform to enable the Mongolian bank to execute its growth plan.

Infosys said that XacBank has been implementing a broad array of modular solutions offered by Infosys Finacle, spanning key areas such as deposits and loans, CRM, payments, trade finance limits, collaterals, and limits.

The digital banking solutions from Infosys Finacle are said to be modular and offer complete functionality as well as flexible factories that permit the rapid implementation of global innovation through easy configurations. This means that XacBank is now fully geared to release new and unique products in a speedy manner, said Infosys.

The wide range of open APIs provided by the Finacle suite is said to have given XacBank a solid foundation for growth.

Mongolian universal bank XacBank deploys Infosys Finacle suite for digital transformation. Photo courtesy of XacBank.

Tsevegjav Gumenjav — XacBank CEO said: “We are happy at the successful completion of this much-awaited digital transformation, drawing us closer to our vision to be the preferred universal bank in Mongolia.

“In this digital-first era, the Finacle platform provides us with the right platform to offer custom offerings for our customers in Mongolia across segments, serving their financial needs in a secure manner. We look forward to scaling new heights with world-class banking and contribute to the larger economic development of Mongolia.”

Finacle suite is said to have created an excellent base for XacBank to seamlessly integrate and innovate within the wider ecosystem. This allows the bank to quickly scale its operations and work in partnership with other businesses to develop new solutions that increase the growth of its operations and enhance customer experience, claimed Infosys.

Furthermore, Finacle by facilitating straight-through processing has been able to help automate workflows across various applications in a seamless manner, resulting in significant cost and time reductions while increasing efficiency.

XacBank has also adopted the Finacle Treasury Solution, a unifying platform that offers a variety of capabilities for trading, security, and risk management operations. The solution enables the Mongolian bank to implement its asset liability and trading management strategies, thus enhancing the general financial efficiency, said Infosys.

Sajit Vijaykumar — Infosys Finacle Chief Operating Officer said: “By deploying Finacle’s comprehensive suite of solutions, we are confident that the bank will be able to significantly improve its operational efficiency, enhance customer engagement, and drive innovation.

“Our collaboration will enable the bank to offer contextual and tailored solutions to its retail and business customers, accelerating the bank’s growth and economic development of the country.”