Turning to the cloud to become a pioneer in digital-first banking
Sampathkumar explained, “The bank’s swift evolution from a digital to an AI-driven bank was made possible by the seamless deployment of the Finacle on Azure."
Finacle is instrumental to the bank’s goal of accelerating the launch of innovative services and delivering consistent customer success. The bank can process a vast amount of data and perform sophisticated analytics—all resulting in the ability to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and sit at the forefront of the digital banking evolution.
They also report that Microsoft Azure has been a crucial part of their solution; choosing Azure has reportedly provided them with a high-performing, scalable, and secure foundation upon which to build the bank of the future. The bank has active connectivity and immediate recovery from one site to another, thanks to the far-reaching cloud footprint offered by Azure, including Microsoft datacenters in Dubai and Abu Dhabi.
Thanks to the agility of the cloud, the bank offers a suite of transaction banking services aimed at building the treasury of the future: they’re able to replicate solutions in just a few hours; escrow services are secure and simple; and both corporate and wealth customers will be able to access cutting-edge services as the bank develops them.
“By using the combined strength of Finacle's innovative solution suite and Microsoft Azure's robust cloud platform, this digital bank delivers a distinct, world-class experience, showcasing the essential agility, flexibility, and resilience needed to transform banking,” Sampathkumar said.
In just five weeks, the bank was able to onboard two major customers to the platform, and in only twelve weeks, they completed an end-to-end migration of all customers, accounts, and the bank’s position. They were also able to develop the following service offerings: a corporate lending solution that supports the entire loan lifecycle across multiple customer segments; a microservices-based platform that streamlines account operations; a data hub that creates secure, unified customer profiles accessible across the entire organizational ecosystem; a loan and origination solution that optimizes onboarding and time-to-market; and a virtual accounts product that reduces the need for physical, ledger-based accounts and empowers the bank to take products to market much faster.
Finacle on Azure is a look into the future of banking—agile, responsive, innovative, and secure, offering a seamless experience to customers and empowering the transformation of customers’ financial lives.