Infosys arm unveils Digital Banking SaaS offering for Urban Cooperative Banks; Stock ends 1% up

The cost-effective SaaS offering combines the comprehensive functional spread of the industry-leading Finacle solution suite.

Jun 17, 2021 04:06 IST India Infoline News Service

Infosys, wholly-owned subsidiary, Infosys Finacle announced its Digital Banking SaaS (Software-as-a-Service) offering designed as an accessible solution to help Indian Urban Cooperative Banks (UCBs) to modernize their business and operations.

Designed specifically for the UCB segment, the platform has already seen adoption by three leading UCBs in India - Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly and Zoroastrian Cooperative Bank. The cost-effective SaaS offering combines the comprehensive functional spread of the industry-leading Finacle solution suite, with complementary solutions and capabilities from Finacle business partners, Saraswat Infotech Pvt Ltd (SIPL) and Best of Breed Software Solutions (BBSSL), to help UCBs reduce cost, drive operational efficiencies, and deliver world-class customer experiences.

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, "Today, the UCB landscape is being reshaped by several forces in the new normal – rapidly changing customer behaviour, new agile competitors, and evolving regulations. With our relentless focus on innovation, we are pleased to power the next phase of growth for UCBs in the country with our accessible, SaaS offerings, supported by our partners. This is a new step in our commitment to helping UCBs retain the customer trust that they have built over the years and to build a resilient organization for the future."

Key highlights are:

1. Delivered as a subscription, the end-to-end digital banking solution suite includes Finacle Core Banking and complementary solutions from SIPL, with an option to adopt additional solutions like ATM switch, mobile banking, internet banking and more.

2. With end-to-end managed services, UCBs will benefit from an OPEX model of spending for their technology transformation, ensuring that banks only pay for what they use without significant upfront investments.

3. Finacle’s in-built product factory and the easy elasticity of Cloud migration, along with robust localized functionality and regulatory compliance requirements will enable UCBs to rapidly innovate, roll out products and services on-demand to meet the evolving needs of their members.

4. Best of Breed Software Solutions (BBSSL), a proven Finacle implementation partner, will drive an accelerated and efficient implementation of the SaaS offering.

On Sensex, Infosys closed at Rs1497.05 per piece up by Rs16.75 or 1.13%. 

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