Ovum Rates Infosys Finacle a Leader Among Digital Banking Solutions

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced that it has been named a leader by Ovum, Inc. in the “Ovum Decision Matrix: Selecting a Digital Banking Platform, 2017–18” report. Finacle was recognized as a leader from amongst 10 top digital banking platforms, which were evaluated on a comprehensive set of 16 criteria focusing on technology, execution and market impact.

The Ovum Decision Matrix (ODM) provides a reference guide for digital banking platform providers by profiling the leading vendors, their platforms, and their positioning.

According to the report, “Ovum expects the market for digital banking platforms to grow in the near future. Banks are facing a tough environment of growing competition, increasing regulation, and changing customer behavior. The increased importance of the digital experience, shorter replacement cycles, and the need to provide a secure service make it an easier decision for banks to opt for one platform for their channel experiences over bespoke developments, platforms built in-house, or channel-specific solutions.

The report also mentions that “The growing importance of digital channels has made them a central investment area for banks” and “The digital channel platform market has been shifting from channel-specific solutions toward single platforms.

Highlights of Finacle’s rating include:

  • Infosys Finacle received the highest score among all vendors for ‘End User adaptability’ and ‘Security’
  • With a score of 9.3 (out of 10), Infosys Finacle is the only vendor who scored above 9 in the category of ‘Maturity and Scale’

Referring to Finacle, Ovum analyst Noora Haapajärvi remarks in the report that EdgeVerve Systems is a market leader. Finacle Omnichannel Banking provides a solid digital banking platform solution that caters to the needs of the digital economy and enables banks to deliver next-generation services on digital channels. Ovum recommends that banks shortlist the solution when considering their choice of digital banking platform.