Infy launches new version of Finacle

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% of the global banked population are serviced by it, he added.

Banking and financial services accounted for 27% 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% of the public and private sector banks and eight foreign banks are powered by Finacle, thus serving about 40% 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% 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.