Country's second largest software services firm Infosys is increasing its focus on geographies like North America and EMEA region to drive growth of its core banking solution Finacle. "Finacle has a dominant share in India.
While we continue to invest in India, we are also making significant investments in markets like North America, EMEA (Europe, Middle East and Africa)," Infosys Senior Vice President and Global Head of Finacle Michael Reh told PTI. Reh took over his new role as head of Finacle in October this year. Finacle gets about 65% of its revenues from traditional markets (Asia Pacific, Middle east and Africa) and the remaining from advanced markets like Europe, America, Australia and New Zealand. He added that company is also working aggressively on introducing disruptive technologies, including data analytics, to offer real-time solutions to banks. Finacle will receive 'significant investments' in areas like sales and marketing as well as beefing up delivery teams to drive adoption in these newer markets, Reh said. Infosys does not report Finacle's financials separately. "Since taking over, I have been talking with customers, they are looking at the latest technology, especially those around Internet and mobile banking," Reh said. "While the demand for traditional services continues, customers are also looking at these disruptive technologies to add strength to their portfolio," he said. Finacle has a presence across 84 countries and serves over 450 million customers, nearly 18% of the world's adult banked population. Its solutions include areas like core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, wealth management and Islamic banking requirements of retail, corporate and universal banks. According to a study by Infosys, financial institutions are investing more in research and development to deliver superior customer value and, in turn, are increasing their spend on innovation. Banks in emerging middle income and relatively high growth countries (such as Brazil, India, Malaysia, Russia, South Africa and Turkey) are more likely on average to have an innovation strategy, to be aiming to become innovation leaders, and to be investing in R&D, the study said. Many banks are basing their innovation activities around specific themes like mobility (88%), Big Data (67%) and Social Channels (63%).