After concluding the merger with Conavi and Corfinsura, Bancolombia embarked upon a major transformation project to modernize its technology platform for future growth, business agility and operational efficiency. With Finacle, the bank hopes to consolidate its technology platforms across functions and geographies leveraging cost while gaining flexibility and scalability to adapt to a fast changing environment. According to a release, Finacle core banking solution will enable the bank to meet the challenges of managing change, competition, compliance and customer demands effectively. Finacle e-banking solution will enable the bank to transition a significant part of its branch services using the Internet to reduce costs and increase customer access to "any time" banking.
"The long term strategy of Bancolombia is to maintain our leadership position by satisfying and building upon our large customer base while at the same time leverage cost optimization opportunities," said Olga Botero Pelaez, VP of information technology at Bancolombia, in a statement. "Technology-led transformation is a key initiative to redefine the way we do business and serve our customers. Finacle will help increase our efficiency and strengthen our leadership position in the competitive Latin American banking industry."