Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, has announced its Digital Banking SaaS (Software-as-a-Service) offering designed as an accessible solution to help Indian Urban Cooperative Banks (UCBs) to modernize their business and operations.
Designed specifically for the UCB segment, the platform has already seen adoption by three leading UCBs in India – Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly and Zoroastrian Co-operative Bank.
The cost-effective SaaS offering combines the comprehensive functional spread of the industry-leading Finacle solution suite, with complementary solutions and capabilities from Finacle business partners, Saraswat Infotech Pvt Ltd (SIPL) and Best of Breed Software Solutions (BBSSL), to help UCBs reduce cost, drive operational efficiencies, and deliver world-class customer experiences.
Delivered as a subscription, the end-to-end digital banking solution suite includes Finacle Core Banking and complementary solutions from SIPL, with an option to adopt additional solutions like ATM switch, mobile banking, internet banking and more.
With end-to-end managed services, UCBs will benefit from an opex model of spending for their technology transformation, ensuring that banks only pay for what they use without significant upfront investments.
Finacle’s in-built product factory and the easy elasticity of Cloud migration, along with robust localized functionality and regulatory compliance requirements will enable UCBs to rapidly innovate, roll-out products and services on-demand to meet the evolving needs of their members.
Best of Breed Software Solutions (BBSSL), a proven Finacle implementation partner, will drive an accelerated and efficient implementation of the SaaS offering.
Vidyadhar Anaskar, Chairman, Vidya Sahakari Bank Ltd, and Maharashtra Urban Cooperative Banks Federation, and Vice President, National Federation of Urban Cooperative Banks & Credit Societies LTD (NAFCUB), said, “Urban Cooperative Banks (UCBs) have immense potential waiting to be harnessed. The UCBs’ geographic and demographic reach within the urban and rural populace is unmatched, not to mention the richness of the banking relationship with their customers. At Vidya Bank, we are looking at leveraging this opportunity, to leapfrog into the future with a modern technology platform as a key strategic asset. With Infosys Finacle, we are able to fully embrace our digital-first vision and we look forward to differentiating ourselves with a winning combination of a strong community presence and tech-powered, innovative, contextual, banking products.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “For over two decades, Finacle has been a strong partner to financial institutions in India in their transformation journey. Today, the UCB landscape is being reshaped by several forces in the new normal – rapidly changing customer behavior, new agile competitors, and evolving regulations. With our relentless focus on innovation, we are pleased to power the next phase of growth for UCBs in the country with our accessible, SaaS offerings, supported by our partners. This is a new step in our commitment to help UCBs retain the customer trust that they have built over the years and to build a resilient organization for the future. I am delighted to welcome our early adopters – Vidya Bank, Urban Co-operative Bank, Bareilly and Zoroastrian Co-operative Bank – to the growing community of UCBs powered by Finacle.”
Dr. Devadatta Chandgadkar, CEO & Company Secretary, Saraswat Infotech Ltd, said, “We are excited to announce this strategic partnership with Infosys Finacle, the market-leading provider of banking technology. Continued investment in cutting-edge technology is vital for cooperative banks to counter the heightened competitive and regulatory pressures. A SaaS-based, digital transformation solution is a cost-effective way to modernize and expand the business, while providing a world-class banking experience to their members. Together with Infosys Finacle, we will help UCBs take a generation leap with their business transformation.”