Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Shivalik Mercantile Co-operative Bank Ltd., a multi-state, urban co-operative bank in India, have 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.
Delivered as a subscription, the service includes the Finacle Core Banking and Finacle Digital Channels solutions, with internet and mobile banking offerings. Using this model, over 300,000 unique customers have been migrated to the Finacle platform till date.
Working with end-to-end managed services, the bank shifted its banking platform from a capital expense model to an operational expense model, ensuring that the bank only pays for what it uses without significant upfront investments.
With in-built product factory capability and cloud elasticity, the bank can rapidly innovate and rollout products and services on-demand to meet the changing needs of the market.
A robust open API (application programming interface) repository allows the bank to effectively implement Open Banking, and easily collaborate with its external ecosystem, including fintechs, digital businesses and non-banking financial service providers.
The bank now has a future-proof platform, enabled to receive seamless updates and powered to accelerate innovation to provide highly personalized offerings to its customers.
Cloud4C, a Finacle cloud technology partner, provided the highly secure, cost-effective, scalable cloud infrastructure and end-to-end managed services to support the bank’s operations with high uptime while ensuring regulatory compliance.
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.”