search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
26


CASE STUDY


Bancolombia live with Finacle for Nequi launch


Bancolombia turned to Infosys and its Finacle solution for a major digital banking initiative


in Colombia and, with an asset size of $60 billion in 2015, it is also one of the largest in Latin America. In addition to retail and corporate banking products and services, the bank offers leasing, trust and asset management, investment banking, brokerage and insurance services. It is part of Grupo-Bancolombia which is present in 11 countries including Colombia, Panama, El Salvador, Guatemala, Honduras, Peru, Costa Rica, Puerto Rico, Nicaragua and the Cayman Islands.


B


Online and mobile banking in Colombia and the Latin American region is on the rise. Colombia’s Financial Superintendence estimates that mobile banking in the country grew by 334% in 2014, the fastest in the world, albeit from a low base. Given a sizeable young population (40% are below the age of 24, with another 40% falling in the 25-54 age bracket), there continues to exist significant growth potential for digital financial service offerings, an aspect that Bancolombia identified as a key focus area. To this end, in November 2014 it decided to create a new financial solution, resulting in the creation of a digital platform named Nequi.


The objective behind the development of Nequi was the creation of a platform that enabled the bank to leverage the emerging need for digitisation, and catered to people’s unmet needs in the region. Bancolombia was looking at a core banking solution that enabled the testing of new technologies such as cloud services through Nequi, in addition to providing greater agility for continuous innovation and accelerated growth. Finacle was selected as the core banking platform to support the backend and


www.ibsintelligence.com © IBS Intelligence 2017


ancolombia is the largest commercial bank


to be managed by an independent team dedicated completely to it. The bank had previously deployed Finacle for its Innova project, through which it operated a platform across Latin America centralising all the key functions into one platform.


The Nequi initiative involved the implementation of functionalities across the CRM, transaction, CASA and ACH modules. These included:


Customer data maintenance (CRM module) Customer accounts maintenance (CASA) Intra bank transfers (Transaction module) Payments (Transaction module) Inter-bank transfers (ACH module) ATM withdrawals (Transaction module)


The project started in November 2014, and was ready for launch within 1.5 years. A pilot run for a limited set of users was activated in November 2015, before finally being rolled out live in March 2016.


On average, the programme included a four-member core team from Finacle, deployed on-site through the course of the project, in addition to a larger support team back-end. A key aspect that Bancolombia was keen to have with the team was the functional and technical knowledge of Finacle Core, CRM, infrastructure and interfaces, which was critical, given that over


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27