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Infosys Finacle introduces open banking concept to banks

By: Suad Yakubu and Gifty Owusu Kwarteng
Mr Amar Deep Singh Hari, Chief Executive Officer, IPMC
Mr Amar Deep Singh Hari, Chief Executive Officer, IPMC

INFOSYS Finacle, an information technology (IT) provider for the banking sector, has pitched the idea of open banking systems through digital media to banks in the country.

The firm is hoping that banks in the country will create more avenues, including application interfaces for their customers to transact more businesses with them. 

To make this possible, Infosys partnered IPMC, another IT solutions service provider to engage banks on the ideal ways to leverage digital products for transformation and growth in their operations.

The two institutions organised a conference on the theme: ‘Accelerate Digital Ghana’ on April 26 in Accra.

It brought together top level managers of banks and other staff of financial institutions in the country.

Addressing the conference, the Head of Digital Solutions Practice across West Africa at EY, an auditing and accounting firm, Mr Akinsope Roberts, stated that modifying traditional banking methods using advanced technology and digitisation was hinged on digital transformation and other key factors.
“Digital transformation is simply solving traditional problems with disruptive methods.
“Problems are the same; people need access to finance, people need to save, they need to transact and pay bills and they need money to achieve things,” he said.
He added that digital culture was also essential to the future of banking in the digital world to help solve problems and ensure simplicity in banking systems.
“Digital culture is very important because we need to shape our mindset to problem solving and simplicity,” he noted.

New concept
The Principal Consultant at Infosys Finacle, Mr Gerhard Van Wyk, introduced a concept engineered by Finacle, one of Infosys’ leading IT products, dubbed: #TrulyDigital strategy
That, he said, went “beyond enhancing existing banking business applications with new technologies.”
Mr Van Wyk explained that the concept was based on four pillars – a customer centric model, leveraging insights to understand customer behaviour, collaborating with the ecosystem and ubiquitous automation.

Digital Engagement Hub
Finacle also showcased its recently launched Digital Engagement Hub which acts as a unifying platform for all applications to provide seamless, personalised and contextualised interactions for customers across devices and channels.