Bank of Commerce (BankCom), an affiliate of the San Miguel Corporation (SMC) group in the Philippines, has made a significant move towards revolutionizing its banking operations. BankCom, as part of its strategy, has opted for Infosys Finacle Suite to spearhead its core banking transformation, aiming to redefine its digital infrastructure.
The adoption of Infosys Finacle Suite, encompassing Finacle Core Banking, Finacle Liquidity Management, and Finacle Customer Data Hub solutions, marks a pivotal shift for BankCom.
The banking technology is poised to replace the institution’s legacy platform, offering a comprehensive framework to propel the bank into an era of enhanced engagement, innovation, and operational efficiency, aligning with the evolving market dynamics.
Key facets of this digital transformation include:
Revolutionizing Core Systems: Finacle’s modular core banking solution will facilitate a phased replacement of BankCom’s outdated legacy systems, ensuring a seamless transition towards digital transformation while mitigating risks associated with the overhaul.
Empowering Innovation: The Finacle Core Banking solution equips BankCom with versatile product factories, allowing the introduction of innovative products and services through streamlined configurations, fostering differentiation in the market.
Optimized Liquidity Management: Leveraging the Finacle Liquidity Management solution, BankCom customers gain the ability to efficiently identify, manage, and optimize liquidity across borders, currencies, and devices, ensuring a seamless banking experience.
Unified Customer Data Management: The Finacle Customer Data Hub solution unifies customer data management across BankCom’s ecosystem, offering real-time insights into customer relationships across various platforms and channels. This empowers the bank to personalize services and experiences for its clientele.
“The modernization of our core banking system is an integral part of BankCom’s digital transformation journey as a universal bank in delivering a truly digital banking experience to our clients,” Michelangelo R. Aguilar, President and CEO of Bank of Commerce, said.
“With Finacle’s solutions, the bank will be able to achieve a client-focused banking platform, aligned with the bank’s strategic business and technology requirements,” commented Venkatramana Gosavi, Senior Vice President & Global Head of Sales at Infosys Finacle.
As of September 30, 2023, BankCom maintains a network of 140 branches and 264 automated teller machines (ATMs) strategically positioned nationwide.
