March 3rd 2016
Al Ahli Bank of Kuwait (ABK), a leading retail bank in Kuwait, and Infosys Finacle, from EdgeVerve Systems, the product subsidiary of Infosys (NYSE: INFY), today announced that the bank has selected Finacle to drive its technology transformation. The bank will induct a full suite of Finacle solutions including Core Banking, Trade Finance, Wealth Management, CRM, e-banking, Payments, Treasury, Alerts, SMS Banking, Liquidity Management, Retail and Corporate Loan Origination. With Finacle, ABK will be able to achieve high operational efficiencies, accelerate growth and manage scale easily, while delivering a digital age banking experience to its customers.
- Finacle solutions come as a well-integrated suite, with enterprise capability architecture
- The agile technology platform will allow ABK to integrate other existing and planned systems easily, in multiple geographies
- With the Finacle, the bank is enabled to provide 24*7*365 services
- The built in product factory capability will empower ABK to launch products easily and achieve a quick go to market
- The bank’s customers will benefit from a customized offerings and world class banking experience across any channel of their choice
- ABK will move from a collection of product processors to an integrated system, which will provide a robust customer service and reporting platform
Michael Reh, Executive Vice President and CEO (designate), EdgeVerve said: “In an increasingly digital world, banks will need to fundamentally transform themselves into a technology-led, client-centric model. With this transformation program, ABK joins a select group of banks in the Middle East, enabled with a proven, industry leading technology platform to deliver superior value to its customers and drive innovation. With our partnership with ABK, Finacle stands well poised to help other banks across Kuwait transform and modernize to accelerate growth and profitability.”
Mr. Abdulla Alsumait, ABK’s Deputy Chief General Manager said : “At ABK, we are committed to creating a ‘simpler’ banking model for our customers; one that specifically offers convenience, security and speed. This comes as part of our ‘Simple Banking’ strategy, and we are excited to partner with Infosys, who are one of the leaders in core banking systems, globally. We look forward to this partnership and working together to achieve our goal of transforming the technology landscape in ABK and to enhance our service offerings to our customers, in every way.”
About Infosys Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com.
About EdgeVerve Systems
EdgeVerve Systems, a product of Infosys (NYSE: INFY), develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today, EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Infosys Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.
To know more, visit www.edgeverve.com
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
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ABK was established in 1967 with its Head Quarters located in Kuwait City. The current capital is KD161,916,623. The Bank recently acquired Piraeus Bank of Egypt (PBE) adding 39 branches to the ABK network to reach 72 branches in total.
ABK has also made key strategic alliances with world-class financial partners. Co-branding with Emirates Airline on ABK credit cards has ensured they have become a popular method of payment, allowing cardholders to earn and redeem Skywards Miles.
ABK’s efforts and performance have been recognized throughout the year with prestigious awards including: ‘ Best Retail Bank by Banker ME’, The ‘Most Improved Retail Bank in the Middle East by The Asian Banker’, ‘Prepaid Marketing – Best Use of Segmentation 2015’ Award by Visa International’, the ‘Best Premium Credit Card’ by Banker Middle East, ‘Best Retail Bank’ by The European – a Thomson Reuters affiliate.
Our Vision: “Reimagining a Simpler Bank”
Our Mission: “To consistently provide experiences that simplify and enrich people’s lives”
Our Core Values: Transparency | Integrity | Simplicity | Excellence