Infy’s Finacle in demand as FIs, banks adopt tech
At a time when customers are tightening their software services spending, India’s second-biggest software exporter Infosys is seeing more demand for Finacle, its product for helping banks integrate and automate their core and retail banking operat...
By PP Thimmaya, ET Bureau |
BANGALORE: At a time when customers are tightening their software services spending, India���s second-biggest software exporter Infosys is seeing more demand for Finacle, its product for helping banks integrate and automate their core and retail banking operations.
���Very clearly, the banks and other financial institutions are on the path of transforming their business through technology by bringing in standard platforms,��� Haragopal M, head of Finacle business told ET.
Finacle competes with FNS, a similar offering from TCS, and T24, another core banking solution (CBS) from UK-based Temenos. Oracle Financial Services��� Flexcube also competes with Finacle in the Indian and foreign markets.
Infosys expects banks to increase their investments in upgrading their solutions for rural and mobile banking, by adopting solutions such as Finacle.
The product contributed almost $50 mn to Infosys��� total revenues during the quarter ended December last year, recording a year-on-year growth of 28%. Around 114 banks, including ABN Amro are using the product across 62 countries.
Recent order was from Punjab National Bank for integrating its regional rural banks covering 1,300 branches. The other major deal was with Raiffeisen International Bank Holding to implement CBS, along with CRM, e-banking, mobile, and alert solutions for central and eastern European regions.
���Very clearly, the banks and other financial institutions are on the path of transforming their business through technology by bringing in standard platforms,��� Haragopal M, head of Finacle business told ET.
Finacle competes with FNS, a similar offering from TCS, and T24, another core banking solution (CBS) from UK-based Temenos. Oracle Financial Services��� Flexcube also competes with Finacle in the Indian and foreign markets.
Infosys expects banks to increase their investments in upgrading their solutions for rural and mobile banking, by adopting solutions such as Finacle.
The product contributed almost $50 mn to Infosys��� total revenues during the quarter ended December last year, recording a year-on-year growth of 28%. Around 114 banks, including ABN Amro are using the product across 62 countries.
Recent order was from Punjab National Bank for integrating its regional rural banks covering 1,300 branches. The other major deal was with Raiffeisen International Bank Holding to implement CBS, along with CRM, e-banking, mobile, and alert solutions for central and eastern European regions.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
