5 November 2020, Singapore — Equity Bank and its technology partner Infosys Finacle received the award for Best Core Banking Initiative, Application or Programme in Africa at the Middle East and Africa Regional Awards Virtual Ceremony 2020 presented by The Asian Banker.
The bank unified technology platform across all the group’s entities
Equity Bank has been collaborating with Infosys Finacle for 12 years as its preferred technology partner. In fact all entities of Equity Bank are already live on Finacle Core Banking Solution. With the Equity group acquiring a new bank in Congo, the bank felt the need to upgrade the legacy technology infrastructure of the acquired bank as well as unify its technology platform across all its group entities. This initiative resulted in ease of operations and helped reduce the cost of maintaining multiple technology partners. With this objective the bank embarked on its digital transformation programme.
The integration of all entities on a single core banking system reduced maintenance cost
This project is built on a Lean Resourcing Model to gain the maximum benefit. Relevant stakeholders were brought in at the appropriate time to save on the allocation cost. This resulted in saving the project cost for the group. Furthermore, the integration of all Equity group entities on a single core banking system has helped the bank save on maintenance cost by 40%. It also optimised the bank’s need for employees to manage the bank's technology and applications by 30%.
The implementation resulted in improved technology infrastructure and growth
The successful implementation enabled the bank to upgrade its technology infrastructure to the best in class, while at the same time aligning it with the group's technology. The transformation resulted in merging the bank’s Operations with the Parent Group and technology transformation to align with other entities. This also increased the bank’s ability to handle process workloads and foster inclusive growth.
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