The Belgium unit of ING
has selected Infosys’ Finacle solution to transform its core
banking software.
Finacle will power
multiple lines of ING Belgium’s business including savings and
current accounts, deposits and loans.
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ING said that the core
banking project will modernise services for its growing customer
base in Belgium, deliver operational efficiencies, bring products
to market faster and improve customer experience.
The IT investment will
also provide ING Belgium with a common customer view across all
products and relationships and enable ING to deliver improved
service levels and help the bank meet regulatory
requirements.
Frank Stockx, chief
information officer ING Belgium, said:
“For many years now, we
have seen a standardisation and globalisation of the back-office
processes.
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By GlobalDataThe current solutions
have grown up and are mature enough to integrate our banking IT
environment.
Working with Finacle
gives us more flexibility and let us concentrate our efforts on the
customer’s needs, which is part of our strategy to become the first
universal direct bank.”
Sanat Rao, vice
president and global head client services, Finacle, Infosys said:
“Our relationship with ING is a further endorsement of Finacle’s
success in partnering with world class banks embarking
on transformation projects with underlying complexities of a
modular phased replacement of legacy systems alongside associated
organizational change.
“With this partnership
we are delighted to have expanded our European footprint in the
BeNeLux market. We are confident that the enhanced core banking
platform from Finacle will ensure ING becomes increasingly
efficient, competitive and innovative across their
operations.”
For the 12 months to 31
December, ING Belgium reported profit before tax of €979m
($1.29bn);(2010: €976m).
Profit before tax at ING
Belgium’s retail banking unit fell by 13% to €471m.
Retail banking
highlights included customer numbers growing by more than
85,000.
The bank’s investment in
its digital channels paid off with the number of savings accounts
opened online increasing from 20% of the total in 2009 to 28% in
2011.
In parallel, savings
accounts also experienced substantial net inflows, growing by €3bn
(+ 8.8%) to €37bn at the end of 2011.
ING Belgium’s core
banking investment is part of a €200m four year project, to enhance
its multichannel model, with the focus on client service, people
and operations and systems.
The bank’s IT investment
contributed to a 1.8 percentage point rise in ING Belgium’s cost
income ratio in fiscal 2011 to 62.7% (2010: 60.9%).
