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ZUNO Direct Bank triples customer base in CEE using Finacle™ from Infosys

Published on 28 Jun 2012

ZUNO Bank and Infosys have successfully rolled out a new lending product portfolio which includes personal retail loans and overdraft lines in Slovakia and the Czech Republic, powered by Finacle™ core banking solution. Since its first six months of operation, the bank has increased its customer base from 34,000 to over 100,000.

Highlights/ Key Facts

- ZUNO Bank was launched in Slovakia at the end of 2010 as a direct bank with an initial portfolio of deposit products, including current accounts, debit cards, saving accounts and term deposits. The bank expanded into the Czech Republic in July 2011. Powered by Finacle™ core banking solution, ZUNO enlarged its product portfolio to offer personal retail loans and overdraft facilities.

-With Finacle™ at the heart of its operations, ZUNO's ambitious growth strategy has accelerated. Finacle™ is playing a strategic role to support the bank's efforts to grow its footprint across new markets and roll out new products. This will allow the bank to grow quickly across CEE (Central and Eastern Europe) at a reduced cost, using the same hardware and software with customisation only needed for local compliance.

-The new lending portfolio was implemented in less than a year. Finacle™ enabled the seamless integration of multiple third party systems and deployed a straight through process to ensure efficient loan application processing.

-The partnership with Finacle™ continues to strengthen as ZUNO Bank further expands its product portfolio and plans to enter new markets in the near future.

Andras Hamori, CEO, ZUNO Bank, said: "The IT system is the backbone of ZUNO's banking model. We need it to support our operations across countries while at the same time allowing us to continually offer new products to our customers. This requires a reliable and strong business partner, and Infosys has successfully delivered to meet our needs. It is something we are very proud of."

Amit Dua, AVP and Head – EMEA, Finacle, Infosys said: "The direct banking phenomenon continues globally and ZUNO Bank is a great success story of how a bank can take advantage of changing market needs to grow their business and meet the demands of new generation consumers. Finacle's robust and scalable solution has supported ZUNO Bank's growth, providing a reliable business platform which has enabled the execution of an exciting and ambitious strategy."