Finacle, the universal banking solution from Infosys, was awarded the ‘Best Core Banking Technology’ award for the second time in a row by a panel of 20 technology leaders from global banks. This recognition is part of the annual Innovation in Technology and Transaction Banking Awards 2013 organized by The Banker, a Financial Times publication. Finacle was chosenby the judging panel for its rich functionality and advanced service-oriented architecture.
The Banker’sInnovation in Technology and Transaction Banking Awards 2013celebrates companies coming up with newer ways to assist financial institutions in serving their clients quickly and efficiently. They recognize innovative thinking in banking technology and the positive impact it can have on the entire ecosystem including their operations, employees and customers.
The Infosys nomination was an independent submission by DBS Bank, a leading financial services group in Asia, headquartered in Singapore. The banknominated Infosys following the successful implementation of Finacle in Singapore and its key markets across the region. This was part of the bank’s strategy to entrench its leadership with enhanced core banking product offerings, and strengthen its technology platform by providing a standard operating model across the region and consolidating multiple legacy platforms.
Ng PengKhim, Managing Director, Institutional Banking Group, Technology, DBS:
Our partnership with Infosys Finacle started out as part of a strategy to strengthen our core banking system and provide a standard operating model across our regional offices. Currently, DBS is one of the few Asian banks which have successfully implemented such core banking technology covering both commercial and corporate banking clients. We have seen improved performance in various aspects, including improved automation and controls in loan processing and more complete and accurate data processing for downstream reporting and analytics, leading to a better experience for our customers. This award is a recognition of the hard work and results of our partnership.
Duygu Tavan, Technology Editor, The Banker:
The market for core banking providers is understandably fierce. The Finacle platform helps set Infosys apart from the competition. Banks are faced with pending regulatory compliance requirements, the rising demand and need for channel integration and innovative product development for better customer experience – and yet have to maintain their often limited budgets. Infosys has established itself as a trusted provider to help meet these clients’ demands.
Haragopal M, Global Head, Finacle, Infosys:
Being recognized as the Best Core Banking Technology for the second year running is a reflection of Finacle’s commitment to enhancing the innovation agenda for our clients. Banks are challenged with severe complexity in their business and operations. Technology-led innovation is an important step to simplify, and help banks differentiate and succeed in this uncertain environment. We are honored to have been nominated by DBS, which is clear evidence of the strong partnership between our two organizations.