XacBank to leverage Infosys Finacle Banking Suite

XacBank has now selected Finacle, for its core banking, treasury, and corporate banking solution.

XacBank Bank was founded in 2001 and is one of the major banks in Mongolia, which claims to have 90+ branches and 800000 customers.

Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, "At XacBank, we aspire to be the preferred bank in Mongolia for all our customer's segments, by providing a modern digital banking experience, while serving their financial needs in a secure manner. To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs. With Finacle’s new age digital core banking platform, I believe we are well placed to meet the present and future demands of our customers with ease, while contributing to the economic development of Mongolia."

Narayan Samant, Chief Information Officer, XacBank, said, "As an innovation leader in Mongolia’s banking sector, our focus is to leverage a digital-first strategy to provide custom curated financial services to our digital-savvy customers. We chose Infosys Finacle due to its proven credentials and track record of easily adapting to the dynamic banking landscape in Mongolia. We are confident that the functionally rich and technologically advanced platform will support our growth aspiration and provide a world-class banking experience for our customers."

With the help of Infosys, Finacle's digital core banking suite, XacBank will be able to build and establish an advanced open platform.

The bank will be able to standardize its business processes via simplified enterprise architecture. It will help the bank in offering tailored services for loans, deposits, payments, limits, and trade finance.

Infosys will also aid the bank in the digital transformation journey.  Infosys' Treasury solution will offer XacBank with a single, unified platform to enable trading, processing across the cross-asset classes, and risk management. This will help XacBank in improved customer experience and lower costs of operations, notes the announcement.