FINCA chooses AutoSoft’s Core Banking Platform
LAHORE, 23rd MAY, 2018: FINCA Microfinance Bank has partnered with AutoSoft Dynamics (Pvt.) Limited (AutoSoft) to implement the “AutoBANKER Premium – Global Banking System” to automate its operations in Pakistan.
The product suite comprises of a state of the art Core Banking Platform with multiple vertical niche products that includes Consumer Financing, Fixed Assets, Treasury Management as well as MIS reporting. The product suite will enable FINCA Pakistan to offer banking services to their customers via multiple channels. AutoSoft’s system was selected due to their superior financial and technical evaluations, its capability to synergize, co-exist and evolve alongside FINCA’s digital platform – SimSim.
Commenting on the significant occasion, M Mudassir Aqil, CEO of FINCA said, “FINCA is determined to play its part to increase financial inclusion in Pakistan, leveraging the digital channel that is growing exponentially. This system upgrade will allow FINCA’s operations to become extremely nimble, and will serve as the backbone for complete automation of our branch banking services. As a result, offering tailored products and services to our customers would become easier and speedier as the system integration with the SIMSIM platform will digitize the delivery of microfinance products to our low income entrepreneurs.”
The software deployment has come at a necessary point in FINCA Pakistan’s branch network expansion. In the 10th year of its operations, FINCA has expanded its outreach to 108 cities nationwide through 120 branches. The new core banking suite would allow FINCA to keep its software services on par with its ever-increasing software requirements. Since the initiation of its operations in Pakistan, FINCA has provided PKR 60 billion in micro-loans to 700,000 hardworking entrepreneurs. The core banking system’s overhaul would enable FINCA to increase the outreach at a much faster rate, while maintaining the gold standards in quick customer servicing.
Adding on the occasion, Sadia Khan, CEO of AutoSoft said, “We are proud to be further strengthening our relationship with FINCA Microfinance Bank by joining hands as their core banking solution partner.This win is another example of how we continue to support our customers as their software requirements evolve; allowing them to pay as they grow. Both teams are determined to make this implementation another benchmark for the industry and I have no doubt that the AutoBANKER Premium suite will support FINCA’s business needs and accelerate their business growth enabling them to make better strategic decisions”.
The decision to obtain AutoSoft’s Global Banking System by FINCA Pakistan for its daily operations is of utmost significance. In order to facilitate FINCA’s nationwide expansion, this particular decision is also aligned with the bank’s strategic objective to emphasize on focused digital strategy which includes modernizing its software systems.