Money & Banking

Mongolian bank selects Infosys Finacle for digital transformation

Our Bureau Bengaluru | Updated on November 24, 2020 Published on November 24, 2020

XacBank, a leading universal bank in Mongolia, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys on Tuesday announced the selection of Finacle’s core banking, treasury, and corporate banking solution suites to power bank’s digital transformation.

The Finacle solution suite will enable the bank to drive all-round business transformation to improve customer engagement, operational excellence, and the flexibility to launch tailored offerings on-demand, for continuous innovation and growth. With Finacle digital core banking suite, XacBank will gain a comprehensive set of capabilities and an open platform to establish a robust foundation for its digital future. The digital product factory will enable the bank to evolve its offerings at speed to keep in sync with market dynamics, a statement from the company said.

Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, “at XacBank, we aspire to be the preferred bank in Mongolia for all our customers' segments, by providing a modern digital banking experience, while securely serving their financial needs. 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," Gumenjav said.

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Published on November 24, 2020
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