Infosys positioned in Leaders Quadrant in Magic Quadrant for International Retail Core Banking 2010
Evaluation Based on Completeness of Vision and Ability to Execute
Bangalore, London, New York, October 7, 2010: Infosys Technologies Ltd, a global leader in consulting and services, today announced that Gartner, Inc. has positioned Infosys in the Leaders Quadrant of the recently released 'Magic Quadrant for International Retail Core Banking (IRCB) 2010' report for its Finacle™ core banking solution.
The Gartner Magic Quadrant IRCB 2010 report “assesses the suitability of core banking system providers and their product offerings to address the impact of these and other trends in the IRCB market.” Per the September 13th report by Don Free, Research Director, Gartner “The Leaders Quadrant is occupied by vendors that demonstrate strong development methodologies, and all of these vendors have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Most leaders maintain a strong banking market understanding through methodical processes and have extensive marketing delivery and sales channels. Although there are many well-balanced vendors/products in this quadrant, some are in transition and possess evolving products, process maturity, or both.”
Haragopal Mangipudi, Global Head - Finacle, Infosys Technologies Ltd., said, “We believe Finacle’s global leadership in the core banking space has been reiterated by our position in the Leaders quadrant in the Gartner Magic Quadrant IRCB 2010 report. Finacle’s innovation capabilities, transformational approach, state-of-the-art solution, and excellent execution track record have renewed benchmarks across the world and we believe this report by Gartner further demonstrates our differentiating capabilities.”
The evaluation for the Gartner Magic Quadrant report for International Retail Core Banking 2010 began with 40 candidates and resulted in a qualified group of 18 combinations of vendors and products that represent the major movers in the retail core banking system market.
Finacle has a unique proposition to clients as an Innovation Partner. With Finacle, client banks have been able to innovate on products and services by bundling new offerings and creating a differentiated customer experience.
Being the most scalable open systems based solution in the world, Finacle has continuously raised the standards of operational efficiency. It provides an interoperable and open architecture that ensures tight integration with delivery channels and other existing systems. Finacle’s extensibility capabilities facilitate customization and enable faster time to market for banks - right from conception to product delivery.
About the Magic Quadrant
The Magic Quadrant is copyrighted September 13, 2010 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide.
Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solution in its class. These solutions when associated with Finacle services empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.infosys.com/finacle
About Infosys Technologies Ltd
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions. These solutions focus on providing strategic differentiation and operational superiority to clients. As on June 30, 2010 the Infosys group employed about 114,800 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com .
Infosys Technologies Ltd - Safe Harbor
Statements in connection with this release, include those concerning future operational opportunities may include forward-looking statements within the meaning of US Securities laws intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31, 2010, and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
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