Infosys aims to help banks modernise ops
Infosys has launched Finacle 11E, a banking solution it said will help banks to modernise their operations, reduce cost and time to market and minimise risk. The product has a modular structure that is designed to help banks quickly target new customer segments. Banks can choose which parts they need and replace their existing systems one step at a time, depending on how far or fast they want to proceed. A key element is the ability to create new products in weeks instead of months.
“We used Finacle 11E and upgrades, which cut our processes from 600 to 325,” said Ali Saiwani, chief information officer at Emirates NBD. “Some 95 per cent of local outward payments are now handled by STP, and we did reduce our time to market to one week, instead of three or four months. We are now about to go live with Islamic banking assets and trade finance, as well as liquidity management and payments improvements.”
The components of the new product are payments tools using ISO 20022 messaging standards, a multi-channel approach so users can work on devices such as a mobile, tablet computer or desktop without losing the thread, graphical product simulators, dashboards, comparison tools and customer reviews, liquidity management and loan origination.
“The banking sector is facing unprecedented regulatory pressure following the financial crisis,” said Narayana Murthy, chairman at Infosys. “Escalating regulatory standards, macroeconomic uncertainty and sluggish economic growth, demanding customers, rapid evolution of technology and a changing competing landscape mean that banks are finding it hard to manage the laws as well as mitigate losses. What we need today is to simplify and unravel the complexity, and that’s what Finacle 11E is about.”
M Haragopal, global head of Finacle at Infosys, added that firms could expect to make 20 per cent cost savings by standardising their systems at the enterprise level. Meanwhile, implementing new modules and abilities such as mobile payments would reduce the cost of processing funds, freeing up resources for other tasks and reducing the risk for all parties.
Complexity of business operations and need for technology modernisation are among the biggest hurdles to accelerated growth today,” he said. “Leveraging the componentised nature of Finacle 11E, banks can choose to deploy a solution in phases based on business priorities. This ensures a simplified transformation journey and faster realisation of modernisation benefits.”