The report evaluates 13 Digital Banking solutions on a comprehensive set of 28 criteria focusing on current offering, strategy, and market presence.
According to the report,“The transformation imperative has moved to center stage in the banking industry. New, feature-rich digital front ends are one tool of choice. Many banks and their technology teams are working to identify a low-friction pathway to quickly help them arrive at a flexible, rich digital front end a digital banking engagement platform (DBEP).”
Further, the report highlights “As banks enhance their requirements for digital front ends to deliver great, differentiating customer experience (CX) quickly, flexibly, and efficiently while driving digital transformation the availability of a combination of off-the-shelf banking capabilities with flexible architectures will dictate which providers lead the pack.”
Highlights for Finacle (EdgeVerve)
• EdgeVerve received the highest scores among all vendors in the Current Offering category and among the highest in the Strategy category;
• EdgeVerve also received the highest scores among all vendors on the key criteria of ‘Channel-specific banking capabilities’, and ‘Technology, Architecture and Delivery’, and was also among the top scorers in ‘Product base and packaging’, ‘Product Vision’, ‘Number of live installations’ and ‘Breadth of offering’;
• EdgeVerve received 5/5 on 15 of the 28 criteria used for evaluation.
Sanat Rao, Chief Business Officer, Infosys Finacle, said,“Progressive banks understand that delivering engaging customer experiences is key to driving business growth. As banks work on reimagining customer journeys, it is also important to fix application silos that lead to fragmented experiences. A holistic digital engagement suite that puts customer at the center of every interaction, anticipates customer needs, and fulfills them equally well on all channels and devices is the need of the hour. With its industry-leading solution suite and proven track record of serving financial institutions in over 100 countries, Finacle is uniquely placed to help banks achieve the dual objectives of digital transformation optimizing existing business processes, products and services, while also creating new sources of revenue through new digital products and services.”
Referring to EdgeVerve and Finacle suite of solutions, Jost Hoppermann, VP and Principal Analyst, Forrester mentions in the report,“EdgeVerve stands out with rich banking capabilities and architecture. The DBEP has differentiating off-the-shelf capabilities to support retail, business, and corporate banking. EdgeVerve is a strong fit for both large banks that want to mix and match select Finacle capabilities within a larger digital transformation project and smaller ones seeking a technologically advanced DBEP without any significant gaps.”
• Source: The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2019
About Infosys Finacle
Finacle (finacle.com) is the industry-leading digital banking solution suite from EdgeVerve Systems (edgeverve.com), 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.
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, 2019. These filings are available at 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.