BENGALURU, India, August 23, 2017 /PRNewswire/ --
EdgeVerve Systems recognized by Gartner for the 10th consecutive year for Finacle Core Banking
Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced that it has been positioned as a leader in Gartner's Magic Quadrant for Global Retail Core Banking1 following the evaluation of its Finacle™ Core Banking solution. Gartner evaluated eleven Core Banking vendors on the criteria of "Completeness of vision" and "Ability to execute". This is the 10th consecutive time that EdgeVerve Systems (Infosys Finacle) has been positioned as a Leader in this Magic Quadrant.
According to Gartner, "Leaders in the global retail core banking market tend to possess a high-order market understanding. They make it their business to monitor market trends and funnel progressive innovation into their product roadmaps. Most of them possess software development quality certifications (e.g., CMMI) or are pursuing them. The Leaders are also, without exception, "thinking small" or targeting component-based architecture as a gateway to providing increased accessibility to the granular functionality that banks need to drive the basis for differentiation. Leaders have high viability and great customer feedback. They also focus on innovation - and the innovation trends that affect this particular market. They especially focus on trends with visionary capability in managing the ecosystem for open banking platforms by fostering open banking with their products and services and in a collaborative environment with partners."
Gartner's Magic Quadrant for Global Retail Core Banking report can be accessed here.
Vittorio D'Orazio, Gartner Research Director mentions in the report, "Most senior executives are investing in digital business transformation, or in other words, building a digital bank. This involves digital technology, but is much more about changing strategy and business models. A digital bank makes money in new ways, for example, by monetizing digital identity and sharing business services with ecosystem partners to empower them to build new products and services. Banks as platforms, or open banking, will be needed to make this happen. CIOs cannot execute a new business strategy and business model without a modern CBS that has the agility needed to open up the back office to the front office."
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle said, "To realize the goal of truly digital transformation, banks need to take a holistic approach. They need to add digital capabilities that will open up new opportunities for growth and profitability, as well as renew the legacy core engines to support continuous innovation across the organization. With Finacle Core Banking solution, our focus has been on building a world-class componentized core banking solution that provides our clients the flexibility to manage this transformation in a risk-mitigated manner. We believe that Gartner recognizing our solution as a Leader is a testimony of our ability to deliver market- leading solutions."
1Gartner, Inc., "Magic Quadrant for Global Retail Core Banking," Vittorio D'Orazio and Don Free, 10 July, 2017.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Infosys Finacle
Infosys Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers - estimated to be nearly 16.5 percent of the world's adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com
About EdgeVerve Systems Ltd
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients' growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 94 countries and serves over 848 million customers - estimated to be nearly 16.5 percent of the world's adult banked population.
Certain statements in this 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, 2017. 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 the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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 Infosys Limited