XacBank has completed the transformation of its technology landscape with Finacle Digital Banking Solution Suite.

Specifically, XacBank has implemented a diverse range of modular solutions from Infosys Finacle. This incorporates key areas such as deposits, loans, CRM, payments, trade finance, limits and collaterals.

Comprehensive functionality and flexible product factories

These componentised solutions offer comprehensive functionality and flexible product factories that allow for the swift deployment of global innovations through simple configurations. As a result, XacBank is now fully equipped to launch new and innovative products at an accelerated pace.

According to the bank, the extensive collection of open APIs offered by the Finacle suite has provided it with a solid foundation for seamless integration and collaborative innovation within the larger ecosystem. This enables the bank to effortlessly scale its operations and partner with other organisations. This creates innovative solutions that drive growth and improve customer experiences.

Finacle has enabled straight-through processing to automate workflows across applications seamlessly. This leads to significant time and cost savings while improving operational efficiency.

XacBank implements Finacle Treasury Solution

XacBank has also implemented the Finacle Treasury Solution. This is a unified platform with comprehensive capabilities in trading, risk management, and security operations. This solution enables XacBank to effectively execute its trading and asset liability management strategies, thereby enhancing its overall financial performance.

Tsevegjav Gumenjav, CEO, XacBank, said: “We are happy at the successful completion of this much-awaited digital transformation. This draws us closer to our vision to be the preferred universal bank in Mongolia. In this digital-first era, the Finacle platform provides us with the right platform to offer custom offerings for our customers in Mongolia across segments, serving their financial needs in a secure manner. We look forward to scaling new heights with world-class banking and contribute to the larger economic development of Mongolia.”

Sajit Vijaykumar, Chief Operating Officer, Infosys Finacle, added: “We are excited to collaborate with XacBank in its digital transformation journey. By deploying Finacle’s comprehensive suite of solutions, we are confident that the bank will be able to significantly improve its operational efficiency, enhance customer engagement, and drive innovation.

“Our collaboration will enable the bank to offer contextual and tailored solutions to its retail and business customers. This accelerates the bank’s growth and economic development of the country.”

Founded in 2001, XacBank operates a branch network of over 70 outlets, serving around 1 million customers.