Infosys upgrades Finacle

Source: Infosys

Infosys, a global leader in consulting, technology and outsourcing, today announced the launch of Finacle 11E, an advanced universal banking solution that simplifies banking transformation.

The solution's componentised approach helps banks of all sizes to rapidly modernise their operations, in a phased manner while minimising risk. Its enterprise-class components are expected to enhance the efficiency of a bank's operations, while improving customer experience across all channels.

Finacle 11E is the latest release of the award-winning Finacle universal banking solution. It builds on Finacle's success of delivering powerful benefits to global banks, including an annual rate of return of over 55% on core banking transformation investments*. It also facilitates the launch of new products and services faster - Finacle clients have experienced an average improvement of 33 per cent in their time to market.**

As banks aim to reinvent their business and navigate the current challenges in the macro-economic environment, Finacle 11E promises a simplified approach to banking transformation:

Its componentised structure makes it easy for banks to quickly target new customer segments. Banks can also choose the components they need and replace their existing systems one step at a time, to progressively modernize their business.

The product factory capabilities in Finacle 11E empower banks to create and deploy new products in weeks instead of months.

The solution's ready-made integration adaptors and compliance to industry standards ensure shorter deployment cycles and significantly lower total project costs.

Its enterprise class capabilities helps banks break their technology silos and eliminate duplicate applications. This helps banks reduce their cost of operations and simplify their processes. With this release, Finacle has added six new enterprise components to its suite:

Payments - An ISO20022 based advanced payment services hub to future-proof banks' payments business

Multichannel Framework ¬- Enables customers to navigate seamlessly across multiple channels without losing the transactransaction context

Offers and Catalog - Empowers banks to publish instant offers across channels. Graphical product simulators, comparators, customer reviews offer customers a 'Do It Yourself' convenience

Liquidity Management - Front-to-back office solution for bank's corporate customers to identify, manage and optimize their liquidity

Loan Origination - Helps banks manage the complete credit lifecycle across retail and commercial loans to attain superior credit quality

Dashboards - Configurable role-based console delivers an intuitive user experience that improves productivity and frees up time for right-sell discussions

Haragopal M, Global Head- Finacle, Infosys: "Complexity of business operations and need for technology modernisation are amongst the biggest hurdles to accelerate growth today. Leveraging the componentised nature of Finacle 11E, banks can choose to deploy a solution in phases based on business priorities. This ensures simplified transformation journey and faster realisation of modernisation benefits."

Robert Hunt, Senior Research Director, CEB TowerGroup: "Large banks are reluctant to undertake core modernisation projects due to the risks and complexity of the effort. By componentising their products, core vendors are providing banks with the flexibility needed to develop phased implementation plans that reduce this risk. Moreover, componentisation allows banks to prioritise their efforts, improving the business case for core modernisation by focusing on functions that provide the greatest short term benefits".

Ali Sajwani, Chief Information Officer, Emirates NBD: "Finacle Core Banking Solution has been powering our operations since 2009. As a long term partner, Finacle has helped us grow both organically and inorganically. It is encouraging to see Infosys constantly evolving their solution to meet growing needs of banks for simplification and easy modernisation. We are currently rolling out their new liquidity management solution to offer tailor-made cash management products to our corporate and SME clients."

Peter Schlebusch, Chief Executive of Personal & Business Banking, Standard Bank: "Infosys has been our partner in business transformation for over 3 years now. Today, we run Finacle solutions in five countries and have plans to expand it to other territories to achieve higher operational efficiencies and faster growth. We are glad that Infosys continues to invest in the solution and now with Finacle 11E are bringing out capabilities which will help banks to simplify their operations
and deliver superior customer experience." 

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