Infosys Ranked #1 in the 2021 HFS Top 10: Banking and Financial Services—The Best of the Best Service Providers Report

Bengaluru, India – September 7, 2021

Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it has been ranked number 1 in the 2021 HFS Top 10: Banking and Financial Services—The Best of the Best Service Providers report. Infosys was recognized for helping banking and financial services (BFS) firms bridge the gap between operations efficiency, revenue growth, and digital experience in a seamless and time-bound manner.

HFS Research assessed and rated the industry-specific service capabilities of the top 10 leading service providers in the world, across criteria that included: a defined series of execution, innovation, OneOffice alignment, and voice of the customer. Infosys was distinguished for the breadth of its global operations and resources, supplemented by BFS capabilities as part of Infosys Cobalt, its extensive partner ecosystem, and 14 CoEs spread globally as co-innovation centers and design studios. The report called out Infosys’ flagship internal IP and technologies such as the Infosys Banking API Platform (IBAP), Infosys Text Analytics Platform (ITAP), Mortgage Servicing Solution (MOSS), Infosys Transaction Reconciliation System (ITRS), Infosys Smart Banking Suite, and Infosys Finacle.

The assessment highlighted Infosys’ strengths in the following areas:

  • Approach to BFS: Infosys’ dual approach of optimizing and transforming the bank along with its ability to execute on the promise, often through large deals and intra-account expansion, helped the company grow despite the pandemic
  • Growth: Infosys has been doubling down on retirement segments, diligently delivering and creating a retirement CoE, and offerings to benefit other clients while making strong headway with regional banks
  • Contribution of BFS to overall business: With over 50 percent as digital revenue, BFS is Infosys’ largest industry segment, contributing 27 percent to the overall revenue
  • OneOffice alignment: Infosys’ journey to becoming a digital organization through its Live Enterprise approach aligns closely with HFS’ OneOffice model, enabling it to better understand and support customer transformation needs
  • Segment-specific solutions: Infosys’ co-creation with key clients has enabled Infosys to prove out the linkage between optimization and transformation and successfully deliver both. Once proven, Infosys productizes and offers segment-specific solutions to other clients
  • Customer kudos: Clients regard Infosys as a partner with a deep understanding of their needs, and a duality of execution and innovation excellence.

The study's lead author, Elena Christopher, SVP at HFS Research, said, "Congratulations to Infosys on securing the #1 position, successfully defending its title from 2019. It was a hard fought battle between them and a best of the best peer group. What helped Infosys prevail across our four evaluation pillars of Execution, Innovation, OneOffice alignment, and Voice of the Customer was essentially continued investment and refinement of its capabilities leading to great client wins, expansions, and ultimately delighted customers reaping the benefits of business outcomes. We specifically took note of its growth throughout the pandemic, ongoing investment in onshore and nearshore regional operations, big deal wins complemented by wins with regional and mid-tier banks."

Commenting on the recognition, Mohit Joshi, President, Infosys, said, “BFS companies globally are looking to modernize their business-critical applications through cloud technologies to bridge the gap between operations efficiency, revenue growth, and digital experience. However, driving differentiation as a provider of IT and business process services to the BFS sector is not an easy feat. Obtaining the top spot in HFS Research’s report endorses our deep domain expertise, strong global presence, and robust delivery and innovation capabilities to deliver segment-specific optimization and transformation solutions for BFS clients. Our collaborative ecosystem approach and endeavor in realizing simplification, agility, and active participation in BFS ecosystems through digital transformation, modernization initiatives, and partnerships will continue to foster exponential speed, value, and client confidence.”

A customized version of the ‘2021 HFS Top 10: Banking and Financial Services—The Best of the Best Service Providers’ report can be accessed here:


About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in more than 50 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

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Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements 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 COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, 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, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. 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, 2021. These filings are available at 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. 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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