ZUNO Bank, the direct bank owned by Raiffeisen Bank International AG, and Infosys have successfully rolled out a new lending product portfolio which includes personal retail loans and overdraft lines in Slovakia and the Czech Republic, powered by Finacle™ core banking solution. Since its first six months of operation, the bank has increased its customer base from 34,000 to over 100,000.
Highlights/ Key Facts
• ZUNO Bank was launched in Slovakia at the end of 2010 as a direct bank with an initial portfolio of deposit products, including current accounts, debit cards, saving accounts and term deposits. The bank expanded into the Czech Republic in July 2011. Powered by Finacle™ core banking solution, ZUNO enlarged its product portfolio to offer personal retail loans and overdraft facilities.
• With Finacle™ at the heart of its operations, ZUNO's ambitious growth strategy has accelerated. Finacle™ is playing a strategic role to support the bank's efforts to grow its footprint across new markets and roll out new products. This will allow the bank to grow quickly across CEE (Central and Eastern Europe) at a reduced cost, using the same hardware and software with customisation only needed for local compliance.
• The new lending portfolio was implemented in less than a year. Finacle™ enabled the seamless integration of multiple third party systems and deployed a straight through process to ensure efficient loan application processing.
• The partnership with Finacle™ continues to strengthen as ZUNO Bank further expands its product portfolio and plans to enter new markets in the near future.
Andras Hamori, CEO, ZUNO Bank, said: "The IT system is the backbone of ZUNO's banking model. We need it to support our operations across countries while at the same time allowing us to continually offer new products to our customers. This requires a reliable and strong business partner, and Infosys has successfully delivered to meet our needs. It is something we are very proud of."
Amit Dua, AVP and Head – EMEA, Finacle, Infosys said: "The direct banking phenomenon continues globally and ZUNO Bank is a great success story of how a bank can take advantage of changing market needs to grow their business and meet the demands of new generation consumers. Finacle's robust and scalable solution has supported ZUNO Bank's growth, providing a reliable business platform which has enabled the execution of an exciting and ambitious strategy."
About ZUNO BANK
ZUNO direct bank is a member of Raiffeisen Bank International AG. ZUNO (zuno.eu) offers an ACCOUNT in 4 foreign currencies, SAVINGS, SAVINGS PLUS, DEPOSIT, LOAN, LOAN PLUS and the overdraft called RESERVE. Everything can be handled through the internet. ZUNO believes in simplicity, top interest ratesand open communication with client via email, call center, online chat and social media, Facebook and Twitter.
ZUNO. Less bank, more life.
About Finacle™ Universal Banking Solution
Finacle from Infosys (infosys.com/finacle) partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities. Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation.
Many of the world's most successful organizations rely on the 150,000 people of Infosys to deliver measurable business value. Infosys (infosys.com) provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise.
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