By NBF News

In a bid to prepare their banking operation's platform to deliver the level of efficiency that would be expected by their customers in the emerging cashless economy. No fewer than 14 commercial banks in Nigeria have upgraded their system with the latest version of banking technology solution, Finacle Version (FV) 10.

The Finacle Version 10 is being deployed for banks in Nigeria by Computer Warehouse Group, CWG Nigeria's leading Information and Communication Technology conglomerate, in partnership with technology giant, Infosys, to improve banking operations in Nigeria.

Finacle Version 10, comprising Finacle universal banking solution; Finacle digital commerce solution; Finacle inclusion solution and Finacle mobile banking solution, is a next generation banking operations that addresses that dynamics of the current technological-driven banking system.

Group Managing Director, CWG, Mr. Austin Okere, who disclosed that 14 commercial banks have upgraded their systems to Finacle 10 banking solution, said Finacle universal banking solution is an integrated yet modular offering that addresses the core banking, customer relations management, treasury, wealth management, consumer and corporate e-banking, mobile banking, financial inclusion and Islamic banking requirements of universal, retail and corporate banks.

'Finacle mobile banking solution empowers retail and corporate banking customers with access to banking services through SMS, GPRS and USSD-enabled handsets, leveraging a single platform while Finale inclusion solution enables banks to gainfully serve the under-banked and unbaked with relevant products and services.'

Okere said the fourth solution, Finacle digital commerce solution, empowers banks to offer simple, safe and cost-effective commerce solutions to their customers, leveraging cost-effective ubiquitous technologies such as the mobile and smart cards. Noting that the latest version of Finacle 10 is currently being used by 14 financial institutions in Nigeria, Okere said the solution will not only improve baking operations but also empower bankers with a holistic and integrated methodology to develop improved capabilities and build a stronger and more resilient business organization.

The Vice President and Global Head, Client Services at Infosys, Mr. SanatĀ  Rao, said for financial inclusion in most of the emerging market economies to become reality, banks would need to change their core banking systems, adding that technology will be the greatest differentiator in the new emerging technology-drivenĀ  financial sector.

'The way people leverage technology has changed massively; any bank that does not realize this will be left behind. Globally, the number of mobile phones and tablets sold locally are more than the number of PCs sold.