Bangladeshi IFIC bank implements Misys core banking tools
Bangladesh’s IFIC bank is using Misys tools to help it expand across the region
Bangladesh’s International Finance Investment and Commerce Bank has chosen a new core banking platform from Misys as it plans to increase its presence in Bangladesh, Pakistan and Nepal.
Founded in 1983, the bank has 108 branches across the three countries and is headquartered in the Bangladeshi capital Dhaka. The bank grew by 26% in deposits in 2012, and was looking for a technology upgrade that would help accelerate its bank branch network expansion. It chose Misys BankFusion in part because of its desire to reduce risk levels.
IFIC bank will also use BankFusion Workbench, which allows the bank to create its own modules and composite applications independently. The idea is to help bring new products to market faster, keeping the bank in closer touch with market trends and consumer needs.
“IFIC’s growth strategy is based on the foundation of ensuring an excellent customer experience by providing quality and timely services,” said Mohammad Shah Alam Sarwer, chief executive at IFIC. “The state of the art technology in Misys BankFusion will allow us to launch new innovative products and services quickly and effectively to the market, keeping us at the forefront of retail banking. Misys BankFusion is the most technologically advanced and flexible core banking system available today and we are confident that it will support and accelerate IFIC’s growth.”
IFIC Group recently acquired Nepal Bangladesh Bank – a Nepali commercial bank – and plans to modernise its core banking infrastructure with Misys BankFusion. Some 70 banks use Misys BankFusion in total. Misys is in competition with Temenos for business in the region – new Bangladeshi bank South Bangla Agriculture & Commerce Bank began operations using Temenos T24 as its core banking software in April.
Earlier this year, the Bangladeshi government approved nine new banks as part of a drive to encourage greater financial inclusion and GDP growth; these included South Bangla Agriculture & Commerce Bank, which installed a core banking system built by Temenos in April. Meanwhile in May, the country’s largest state-owned bank, Sonali Bank, introduced a core banking system from Indian technology company Polaris Financial Technology.
