Infosys, a consulting, tech and outsourcing company, has launched an advanced universal banking solution that it says will simplify banking transformation.
Finacle 11E, launched 18 September, is aimed at helping banks to modernise and improve the efficiency of operations quickly and with minimum risk.
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Haragopal Mangipudi, global head of Finacle at Infosys, said: "Complexity of business operations and need for technology modernisation are amongst the biggest hurdles to accelerate growth today.
"Leveraging the componentised nature of Finacle 11E, banks can choose to deploy a solution in phases based on business priorities. This ensures simplified transformation journey and faster realisation of modernisation benefits."
Finacle 11E is the latest version of Finacle universal banking solution, already used by a number of banks. It has a componentised structure to make easy for banks replace their systems one at a time, and its product factory functions allow banks to put together and launch new products in a matter of weeks.
Robert Hunt, senior research director at CEB TowerGroup, said: "Large banks are reluctant to undertake core modernisation projects due to the risks and complexity of the effort."
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By GlobalData"By componentising their products, core vendors are providing banks with the flexibility needed to develop phased implementation plans that reduce this risk. Moreover, componentisation allows banks to prioritise their efforts, improving the business case for core modernisation by focusing on functions that provide the greatest short term benefits."
Standard Bank has used Finacle for over three years. Peter Schlebusch, chief executive of personal and business banking at Standard Bank, said: "We are glad that Infosys continues to invest in the solution and now with Finacle 11E are bringing out capabilities which will help banks to simplify their operations and deliver superior customer experience."
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