The Hindu Business Line : Greek bank to deploy Flexcube

I-FLEX solutions said on Tuesday that Alpha Bank, the second largest bank in Greece, has selected its core banking solution Flexcube for consumer lending operations and loan syndication.

Alpha Bank has more than 450 branches across Greece, the Balkans and Western Europe.

Alpha Bank will be deploying Flexcube in multiple phases across 450 branches, said an i-flex press release. However, i-flex did not disclose the deal size.

The deployment of Flexcube will allow Alpha Bank to launch new products faster and enhance its flexibility in addressing customers' needs.

The Greek banking industry has matured considerably over the last five years.

Credit analysis has improved, provisioning levels have increased and IT systems have been under pressure for overhaul and upgradation.

Leading Greek banks also have a strong regional presence to support Greek corporate clients investing in the Balkans.

"i-flex's technical and functional expertise in providing software solutions and its significant track record of implementing them across diverse geographies were the key factors in the selection process. Flexcube also enhances our ability to launch new and innovative products," said Ms Olga Charitou, Alpha Bank.

"Banks need to tighten their current lending IT infrastructure to address this fast growing market as technology can be a crucial differentiator that provides a competitive edge.

We are pleased to help Alpha Bank in its endeavour to tap these markets and enhance service standards in the new environment," said Mr V. Senthil Kumar, CEO of i-flex solutions