Delhi and Bengaluru – September 12, 2019
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and Shivalik Mercantile Co-operative Bank Ltd., a leading, multi-state, urban co-operative bank in India, today announced the successful implementation of the Finacle Digital Banking Suite on cloud. This will provide the bank superior agility to cost effectively manage scale and power its growth with an on-demand portfolio of products and services, ensuring a world class banking experience for its customers and seamless ecosystem connectivity.
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “Co-operative banks are at the forefront of driving financial inclusion and supporting economic expansion, with deep community connect and personalized customer service. With the ongoing digital disruption in banking, banks in this space need to modernize their legacy technology platforms, to ensure they remain relevant to their customers. Our cloud offerings provide a cost-effective way to transform business and to gain flexibility to scale at will. We are pleased to power Shivalik Bank’s business with the industry leading Infosys Finacle solution suite, to accelerate its aspirational journey to become one of the largest urban co-operative banks in India.”
Suveer Kumar Gupta, MD & CEO, Shivalik Bank, said, “Without technology modernization, cooperative banks face a persistent threat to their continuity, with big banks, fintechs and non-banking players investing to continuously expand their customer base. A cloud based, digital transformation solution is a cost-effective way to modernize and expand the business, while giving our customers a world class banking experience. Finacle’s integrated digital banking solution has helped Shivalik Bank achieve a transformational leap in its technology base, which together with our robust local knowledge, will help deliver high quality customer service and take forward the ‘Digital India’ Vision, especially among the underbanked population.”
Sridhar Reddy, CEO, Cloud4C, said, “We are pleased to partner with Shivalik bank and Infosys Finacle in this implementation. Shivalik Bank is now enabled with an end-to-end managed services cloud infrastructure, enabling the bank to scale quickly, and bring new innovations to market, a key requirement in the fast-paced banking environment of today.”
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, 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.
To know more, visit www.finacle.com
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 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 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.
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