BENGALURU, India, April 23, 2019 /CNW/ -- Infosys Finacle, part of
EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE:
INFY), today announced that the company has been positioned as a
Leader in the first IDC MarketScape: Worldwide End-to-End Corporate
Banking Solution Providers 2019 Vendor Assessment*. The report
assesses the capabilities and strategies of seven leading corporate
banking solutions powering the digital transformations of corporate
banking organizations.
According to the IDC MarketScape, "The evaluation looks at
select vendors' ability to provide the entire range of corporate
banking systems spanning core banking capabilities, multiple
channels, and functions such as trade finance, cash management and
treasury services, payments, and commercial lending. It also
considers the providers' ability to provide data across these
segments and collaborate with the wider banking ecosystem that
involves fintechs, academia, and other industries."
Assessing key trends in the corporate banking industry, the IDC
MarketScape notes that, "Financial technology (fintech)-enabled
newcomers are nibbling away at niche areas of traditional corporate
bank revenue streams, from foreign exchange (FX) to payment
services and cash management data provision. Banks must respond
with better services and data to maintain market share."
The report further mentions that, to remain competitive, "The
connected bank of the future should be able to swap in and out new
products or services developed by fintech partners that better
serve the needs of their clients."
An excerpt of the report is available from EdgeVerve here.
Sanat Rao, Chief Business
Officer, Infosys Finacle, said, "The confluence of economic and
profitability concerns, evolving customer expectations, and
emergence of digital disruptors is heightening the need to
accelerate digital transformation in corporate banking. However,
the existing IT landscape is marred with disparate systems, product
silos and inefficient manual processes that together drain
resources and inhibit performance, innovation and growth.
Consequently, many banks that prioritized digital transformation in
the retail space earlier are now focusing the efforts on elevating
the corporate banking experience. Finacle, with its componentized
suite, is well placed to help banks in their pursuit of progressive
modernization. This evaluation and leadership rating by IDC is a
testimony that Finacle offers best-of-breed components that come
together to create a leading corporate banking solution."
Neil Ainger, Research Manager
for Worldwide Corporate Banking, IDC Financial Insights, said,
"The opportunity to integrate various functions of corporate banks
more coherently using an end-to-end (E2E) corporate banking
solution that spans channels, processing needs and functions in a
convenient package is self-evident. This packaged way of presenting
connected solutions with data to the fore is a relatively new
phenomenon."
"Most of EdgeVerve's offerings have been built in-house. This
has helped its ability to overcome silos and empower an E2E data
analytics capability that crosses functional borders. The open
banking and API trend, accounted for in its strategic planning,
should further free data in the manner end users want."
* Source: IDC MarketScape: Worldwide End-to-End Corporate
Banking Solution Providers 2019 Vendor Assessment, (doc
# EMEA44888719, March 2019)
About IDC MarketScape
The IDC MarketScape vendor assessment model is designed to
provide an overview of the competitive fitness of ICT (information
and communications technology) suppliers in a given market. The
research methodology utilizes a rigorous scoring methodology based
on both qualitative and quantitative criteria that results in a
single graphical illustration of each vendor's position within a
given market. IDC MarketScape provides a clear framework in which
the product and service offerings, capabilities and strategies, and
current and future market success factors of IT and
telecommunications vendors can be meaningfully compared. The
framework also provides technology buyers with a 360-degree
assessment of the strengths and weaknesses of current and
prospective vendors.
About Infosys Finacle
Finacle is the industry-leading digital banking solution suite
from EdgeVerve Systems, a wholly owned product subsidiary of
Infosys. Finacle helps traditional and emerging financial
institutions drive truly digital transformation to achieve
frictionless customer experiences, larger ecosystem play,
insights–driven interactions and ubiquitous automation. Today,
banks in over 100 countries rely on Finacle to service more than a
billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking,
payments, treasury, origination, liquidity management, Islamic
banking, wealth management, analytics, artificial intelligence, and
blockchain requirements of financial institutions to drive business
excellence. An assessment of the top 1250 banks in the world
reveals that institutions powered by the Finacle Core Banking
solution, on average, enjoy 7.2% points lower costs-to-income ratio
than others.
To know more, visit www.finacle.com
Safe Harbor
Certain statements in this press release concerning our future
growth prospects are forward-looking statements regarding our
future business expectations intended to qualify for the 'safe
harbor' under the Private Securities Litigation Reform Act of 1995,
which involve a number of risks and uncertainties that could cause
actual results to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding fluctuations in earnings, fluctuations in
foreign exchange rates, our ability to manage growth, intense
competition in IT services including those factors which may affect
our cost advantage, wage increases in India, our ability to attract and retain
highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, industry segment concentration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks or system failures, our ability to successfully complete
and integrate potential acquisitions, liability for damages on our
service contracts, the success of the companies in which Infosys
has made strategic investments, withdrawal or expiration of
governmental fiscal incentives, political instability and regional
conflicts, legal restrictions on raising capital or acquiring
companies outside India, and
unauthorized use of our intellectual property and general economic
conditions affecting our industry. Additional risks that could
affect our future operating results are more fully described in our
United States Securities and Exchange Commission filings including
our Annual Report on Form 20-F for the fiscal year ended
March 31, 2018. These filings are
available at www.sec.gov. Infosys may, from time to time, make
additional written and oral forward-looking statements, including
statements contained in the company's filings with the Securities
and Exchange Commission and our reports to shareholders. In
addition, please note that any forward-looking statements contained
herein are based on assumptions that we believe to be reasonable as
of the date of this press release. The company does not undertake
to update any forward-looking statements that may be made from time
to time by or on behalf of the company unless it is required by
law.
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SOURCE EdgeVerve