Finacle pins hopes on mobile banking solution

India’s second largest software exporter Infosys Technologies is planning to expand its mobile banking business through its flagship banking product Finacle. With its recently launched mobile platform, Finacle Mobile Banking 2.0 Infy is betting big on the emerging trend.

The company feels the adoption rate of mobile banking solution is witnessing a huge traction both in India and other developed markets.The new platform enables the retail and corporate consumers to access banking services through mobile SMS, GPRS, 3G and USSD-enabled handsets.

According to the company, the increase in mobile-user base and the role of mobile phones in various financial inclusion programmes will help in widening the reach of its new solution.

“Today mobile is becoming an easy way to bank for Indians, and the efforts by government for financial inclusion in India will help us tap the growing opportunity. We are betting big on the mobile banking space in India,” said Haragopal Mangipudi, global head of Finacle, Infosys Technologies.

The company has already launched the new platform in two banks in the US and in Europe. The company, which has over 50 per cent market share in core banking solution in India is in talks with banks to launch the new mobile platform in India.

Earlier, Infosys had said it is moving towards a non-linear revenue model like product business which is not directly linked to people working on a project.

During the third quarter of the financial year-ended on December 31, 2010, the product segment contributed to 5.3 per cent of its our overall revenue, registering a sequential growth of 1.1 per cent as against 4.2 per cent in the previous quarter.

On an annual basis the revenue from Finacle registered a growth of 66 per cent to about Rs 365 crore for the December quarter.