Bancolombia Transforms Business with Finacle Universal Banking Platform
Bancolombia, the largest universal bank in Colombia, has selected Finacle Universal Banking Solution from Infosys Technologies to power its operations in Colombia and its international subsidiaries.
Bancolombia has a strong market share in the South American retail, corporate, credit cards, investment banking and housing loan sectors. After concluding the merger with Conavi and Corfinsura, Bancolombia embarked upon a major transformation project to modernise its technology platform for future growth, business agility and operational efficiency.
With Finacle, the bank will be able to consolidate its technology platforms across functions and geographies leveraging cost and at the same time acquiring flexibility and scalability to adapt to a fast changing and competitive environment. Finacle core banking solution will enable the bank to meet the challenges of managing change, competition, compliance and customer demands. Finacle e-banking solution will enable the bank to transition a significant part of their branch services using the Internet, pushing down costs and at the same time offer newer avenues to make banking services available anytime, anywhere for the customer.
Olga Botero Pelaez, vice president of IT, Bancolombia, said: “The long-term strategy of Bancolombia is to maintain our leadership position by satisfying and building upon our large customer base while at the same time leverage cost optimisation opportunities. Technology-led transformation is a key initiative to redefine the way we do business and serve our customers.”