A major Philippine bank is embracing digital transformation with a cutting-edge tech upgrade: Sterling Bank of Asia has partnered with Infosys Finacle to adopt their Software-as-a-Service platform.
Banking on AI-Powered Efficiency
The deal marks a significant shift towards modernization for Sterling Bank, enabling them to better compete in a rapidly changing financial landscape. With Infosys Finacle’s SaaS model, the bank will gain access to a range of advanced digital banking capabilities, including AI-powered chatbots, mobile and internet banking services, and real-time data analytics.
The Finacle platform is no stranger to Philippine shores; it’s already being used by other major banks in the country. Sterling Bank’s adoption of the SaaS model is expected to streamline their operations, improve customer engagement, and reduce costs. ‘We’re looking forward to leveraging Finacle’s expertise to enhance our digital banking experience and drive business growth,’ said Richard E. Yanga, CEO of Sterling Bank of Asia.
A Cloud-Based Future
Infosys Finacle’s Software-as-a-Service model offers flexibility, scalability, and reduced maintenance costs for Sterling Bank. This means the bank can focus on innovation and customer service, rather than worrying about the underlying IT infrastructure. The SaaS model also enables Sterling Bank to integrate Finacle’s services with other third-party applications, creating a seamless customer experience.
The partnership is part of a broader trend in the banking industry, where cloud-based technologies are becoming increasingly essential for digital transformation. ‘Our Finacle platform is designed to help banks like Sterling Bank of Asia stay ahead of the curve in a rapidly changing market,’ said Salil Parekh, CEO of Infosys. ‘With Finacle, Sterling Bank can now offer their customers a more personalized, intuitive, and secure banking experience.’
What this means
The adoption of Infosys Finacle’s Software-as-a-Service platform by Sterling Bank of Asia is a significant move towards digital maturity in the Philippine banking sector. As more banks follow suit, we can expect to see improved customer satisfaction, reduced costs, and increased efficiency. For consumers, this means better banking services, more convenient mobile apps, and a more seamless online experience.
