With an eye on regaining industry-level growth rates and to retain top talent, Infosys is sprucing up the capabilities of its core banking software Finacle and revamping the compensation structure of its sales team, according to media reports.
According to a report in HT Mint, the Bengaluru-headquartered information technology services provider is assessing the merits of Blockchain, an open-source financial database that records all transactions of virtual currency Bitcoin, to see if the technology could be integrated into Finacle.
The move comes at a time when many people are looking at more convenient ways to do banking, such as mobile banking and making transactions using digital currencies like Bitcoin and Ripple.
Michael Reh, assigned to revive the fortunes of Finacle, is reported to be assessing Blockchain. Former SAP Labs vice-president (strategy), Sheenam Ohrie, hired by Infosys as the new head of delivery, testing and support of Finacle, and Fuat Bozkurt, formerly with Sopra Banking Software; and Manju H C, earlier with Swiss firm Temenos as banking solutions lead, are assisting Reh.
Infosys does not disclose revenue generated from its core banking product. The 6,000-people-strong Finacle unit is estimated to be a $300-million business that generates 90 per cent of its revenues from Asia-Pacific, Europe and West Asia.
New Compensation Structure
Infosys is also considering revamping its compensation structure for its sales force, according a report in The Economic Times. This is for rewarding top performers in proportion to their achievements. The new incentive structure, according to the report, will give credit to the incremental revenue — additional revenue generated during a given period — instead of the overall growth of the company.
At present, sales people are treated as a team, and the variable payout is linked to Infosys’ overall performance.
This new compensation structure is believed to kick in from the current financial year.