Finacle was built under the leadership of Sharad Hegde who served as CTO of the magic quadrant for international retail core banking 2014 pdf. Finacle is used by banks across 84 countries that serve over 450 million customers. Finacle has a strong focus on product strategy and a global market presence. Infosys’s Finacle core banking, e-banking and treasury solutions across its foreign branches outside India.
SBI implemented Finacle in 25 countries. The bank’s global business operations were standardised on the Finacle platform, on three data centres in the US, UK, and India. These three data centres were later downsized to a single one in India, while upgrading the entire system. This achieved a reduction in costs as well as allowing the bank to offer more products, roll them out faster.
Singapore, who selected Finacle Universal Banking Solution from Infosys as the core banking platform for the programme. The bank ventured on the implementation of Finacle in Singapore and its key markets across the region with core banking product offerings, and strengthen its technology platform. DBS Bank implemented Finacle in 13 countries. India’s second largest public sector bank at all its 4,604 branches and extension counters on Sun infrastructure and the Oracle database.
The bank said that the solution was rolled out across 100 per cent of PNB’s branches in record time. The bank had 22,500 concurrent users on the Finacle platform, with the number of peak transactions at 3. Finacle to be the solution “core to the merger” for facilitating the bank’s expansion plans into the region. The deal was however called off by the bank in the same year. Its flexibility, scalability, cost effectiveness and compatibility with other systems in the bank made Finacle the ideal choice. In July 2011, Nigeria was the first country to start operations on Finacle. Namibia was the second country to go live on Finacle in 2012.
Malawi,Uganda, Tanzania, Zambia and Botswana are in the pipe line to launch operations on Finacle. Core Banking Solution platform Finacle. The entire implementation, which replaced the bank’s legacy core banking system with no disruption to business, was completed in 18 months. Finacle 10 was found to be the best fit, both functionally and technologically by the bank. Kotak Mahindra Bank is the fourth largest Indian private sector bank by market capitalization, headquartered in Mumbai, Maharashtra. The transformation was completed smoothly with no disruption in services to RCBC customers.
The Turkish bank says that the live deployment of the Infosys Finacle software will enable T-bank to roll-out products faster and improve customer services helping to meet the growing needs of retail and corporate customers in a fast expanding economy. In September 2013, Infosys announced the launch of Finacle 11E, an advanced universal banking solution that simplifies banking transformation. The solution, built on the component model, helps banks of all sizes efficiently modernize their operations in a phased manner, reducing the risks in the journey. The enterprise class components are expected to improve both the bank’s efficiency and the customer experience across all channels.
Some of the new enterprise components added to the Finacle suite include – Payments, Multichannel Framework, Offers and Catalog, Liquidity Management, and Dashboards. Finacle operations across all its branches within Malawi. Finacle offers a suite of products, which are periodically evaluated by independent research firms like Forrester. Finacle was identified as a long term leader by Forrester for offering comprehensive banking functionalities. With capabilities to support customer focused banking, customer oriented product configuration, a multi channel capability and social media support, Finacle topped the Forrester Wave: Customer-Centric Global Banking Platforms. Finacle from Infosys was positioned as the leader in Gartner Magic Quadrant for International Retail Core Banking in November 2014, ahead of SAP and Temenos, demonstrating the highest Ability to Execute, and Completeness of Vision. The solution is considered to exhibit high levels of strategic vision, demonstrable an ability to deliver functionality and support to their clients.