Infosys codes banking software for SMEs

IT major Infosys Ltd on Monday unveiled a financial software solution it coded for helping banks to support and serve their small and medium enterprise (SME) customers.

"Our mobile-based financial and business management solution is designed to help SMEs experience banking services on the move and manage their business operations efficiently," the global software major said in a statement here.

Touted to be the first of its kind, the company's flagship product, Finacle SME Enable solution, will help SMEs access their account information real-time and provides tools to manage their daily business operations in a self-service mode.

"As SMEs contribute significantly to the national gross domestic product, convenient banking services and cost-efficient operations are key growth drivers for this segment," Infosys vice-president Michael Reh said.

Banks have an opportunity to get a loyal customer base in this segment by providing digital banking solutions, along with an integrated support for their business needs.

"Our solution will enable SMEs grow businesses through features such as enterprise setup, automated banking transactions in supply chain, credit management, social connect, integrated alerts/analytical tools for financial management, and channels to seek expert advice," the statement said.

Integration of the Infosys TradeEdge, a cloud-based retail trade platform, with the SME solution will also help SME clients obtain visibility into their inventories and sales transactions.

"For banks, this will mean a reduction in time and effort required to serve SME customers," Reh added.