Infosys launches new version of banking solution Finacle

MUMBAI: Infosys, country's second largest software services exporter, today launched a new version of its banking solution Finacle, aimed at making deeper inroads into the international markets.

"With Finacle 11E, we have taken a component approach to help banks of all sizes to rapidly modernise their operations in a phased manner, while minimising the risks. It will enhance banks' efficiency and improve customer experience across all channels," Infosys senior vice-president and global head for Finacle M Haragopal told PTI.

Finacle today powers 168 banks across 81 countries and about 14 per cent of the global banked population are serviced by it, he added.

Banking and financial services accounted for 27 per cent of Infosys' revenue of Rs 11,267 crore in the June quarter.

"The offering is futuristic and resonates strongly with the impending trends in the banking space globally. This new solution is a key to Finacle's growth globally, especially in the advanced markets of the US and Europe," Haragopal said.

In the domestic market, over 50 per cent of the public and private sector banks and eight foreign banks are powered by Finacle, thus serving about 40 per cent of the banked population in the country.

"Factors like macroeconomic uncertainty, regulatory upheaval, and changing customer preferences are leading banks to transform their businesses rapidly. However, such large-scale transformation projects are often too expensive or too complex for these banks to take on," he said.

Finacle 11E will allow banks to take on transformation projects in bite-size pieces, increasing agility, minimising customer disruption and reducing risk, Haragopal added.

"Research indicates that reducing complexity in banking technology alone can result in 20-30 per cent increase in profits. Complexity of IT, combined with insufficient expertise within the business, is a major roadblock to modernising their IT infrastructure. That is a challenge that the new solution will address," he said.