GTBank selects Infosys Finacle for comprehensive digital transformation

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GTBank selects Infosys Finacle for comprehensive digital transformation
Credit: © Reuters.

Infosys (NS: INFY ) Finacle, a wholly-owned subsidiary of Infosys, and Nigeria's Guaranty Trust Bank (GTBank), part of Guaranty Trust Holding Company Plc, announced on Friday their partnership in GTBank's multi-country digital transformation program. GTBank's choice was influenced by Finacle's successful history and the comprehensiveness of its solution suite across retail, wealth, and corporate banking.

The Finacle Digital Banking Suite will be utilized in GTBank's operations in Nigeria and 10 other markets across Africa and Europe. The suite, known for its cloud-native and open API-driven platform, is expected to transform GTBank into a more agile and open financial institution. It will facilitate integration with ecosystem partners and enable the bank to capitalize on digital opportunities.

Segun Agbaje, Group Chief Executive Officer, Guaranty Trust Holding Company Plc referred to the bank's vision of delivering seamless experiences across customer touchpoints and its belief that the future of banking is digital. "Infosys Finacle's digital solutions will significantly transform our operations and facilitate our push towards more innovative, responsive banking,” Agbaje said.

The collaboration with GTBank is a testament to Finacle's commitment to aiding financial institutions in their digital transformation journeys, according to Venkatramana Gosavi, Senior Vice President and Global Head of Sales at Infosys Finacle. Gosavi expressed confidence that their advanced solution suites would enable GTBank to inspire better banking experiences for its customers and businesses.

This partnership comes as a potential boost for Infosys' Financial Services Business. Despite a 1.5% decline in shares year-to-date against the Computer and Technology Sector's rise of 34.7%, this new deal could alleviate persistent weakness within Infosys' banking and financial services clients. In particular, it could help in areas like asset management, investment banking, mortgage, cards, and payments.

In the first quarter of fiscal 2024, Infosys observed that financial institutions were delaying decision-making processes due to ongoing macroeconomic challenges. Revenues from the Financial Services segment fell 4.7% to $1.3 billion. This new GTB deal, with operations spanning multiple markets in Europe and Africa, could potentially enhance INFY's Financial Services performance.

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