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Egyptian bank deploys Infy's Finacle solution

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CIOL Bureau
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BANGALORE, INDIA: India's software giant Infosys Limited on Thursday said that the Export Development Bank of Egypt (EDBE) has implemented its Finacle universal banking solution across EDBE’s operations in Egypt.

Infosys has implemented Finacle core banking, treasury and CRM solutions in over 20 branches across the country, said a press release. The EDBE now operates its entire banking operations on Finacle to support a customer base that covers more than 70,000 accounts, about 70 per cent of which are Egypt’s most important corporate customers.

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The EDBE is a public shareholding company that operates in the banking sector. The bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial and services sectors.

Leveraging Finacle, the bank now has a centralized system for all its branches and is empowered to create a differentiated customer experience through a unified customer view of its retail and corporate customers. It has also been able to seamlessly integrate its services across branches, reducing time taken for end of day activities by 75 per cent.

“The implementation of Finacle and the ease with which it interfaces with other external systems has helped us reduce our turnaround time and centralize operations across branches, thus radically improving our efficiency and customer service. The ease of implementation was a satisfying experience and we are excited to be part of this successful partnership,” said Magdy Ramadan, CIO, EDBE.

As the local business partner of Infosys, egabi Solutions played an integral part in the FinacleTM implementation at EDBE. egabi Solutions with their experience in other local implementation of FinacleTM and in-depth understanding of local banking practices were able to provide specialist skills to support the implementation.