Esanda leaps into online savings with Infosys' Finacle Solution
Bangalore - April 27, 2005: Infosys in conjunction with Esanda today announced the successful launch of Esanda's Online Saver product, marking the company's entrance into Australia's mainstream savings market.
Esanda is a wholly owned subsidiary of the ANZ Banking Group Ltd, better known for its provision of vehicle and equipment finance solutions and fixed interest investments.
The launch of Online Saver, which utilises the Finacle universal banking solution from Infosys, enables Esanda to compete head on with Australia's major banks by offering customers access to a high interest savings product accessible via the telephone or internet.
The project, which was completed in six-months, was rolled out across Queensland in April 2005 and will be launched nationally later this year.
Commenting on the success of the project to date Elizabeth Proust, Managing Director of Esanda, said: "The response from customers has exceeded all expectations. We've had over a 1000 customers sign up in the first few days, nearly three times the number expected. We're well on the way to reaching our goal of 8500 customers in the first three months," Proust added.
"The short time-to-market of Finacle combined with the predictable delivery of Infosys has provided us with exactly the sort of competitive advantage we were seeking," said Proust.
By working with Infosys and leveraging Finacle universal banking solution, Esanda was able to launch Online Saver in just six months compared to the two years it would have taken to build the system from scratch.
Gary Ebeyan, Chief Executive Officer of Infosys Australia, said: "We were excited at the opportunity to enable an Australian corporation to take on global competitors and rose to the challenge in delivering the solution within six months. We were able to leverage Finacle's unparalleled track record, our global experience in banking and finance as well as our global delivery platform to help Esanda drive its new business enterprise. We are now looking forward to helping Esanda enhance its savings platform further and growing its customer base."
As a result of the success of Online Saver, Esanda is currently fast tracking the implementation of further features using Finacle.