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Infosys Ltd.’s (INFY - Free Report) Finacle, an industry-leading universal banking solution from EdgeVerve Systems (a wholly-owned product subsidiary of Infosys), has been named as the leading banking platform by Forrester Research, Inc. in ‘The Forrester Wave: Customer-Centric Global Banking Platforms, Q3 2016’ report. The survey included nine top banking platforms.
The banking platforms were judged on the basis of 40 criteria, which assessed strategy, current offering and market presence.
Infosys Finacle fared particularly well in the “Current Offering” category, with a score of 4.35 out of 5, and was the only one to score above 4 in the same. In addition, Infosys Finacle achieved the highest possible score on ‘Channels and Touchpoints’, ‘Market Approach’ and ‘Customer–focused product configurator’ criteria.
Infosys Finacle also stood out for its strong architectural focus, with important elements such as service-oriented architecture, components, SOAP and RESTful APIs, as well as API management. Further, its highly sophisticated product configuration and bundling capabilities were also acknowledged.
The existing banking platforms of various banks still employ outdated technologies, which significantly fall short of meeting present-day business requirements. However, in the face of increasing digitization, evolving customer demands, tougher competition and margin pressures, banks have eventually realized the long-pending need for modernization. Consequently, most of the banks are either already transforming their application landscape or planning to start soon.
In such a setting, Infosys Finacle solutions suite offers banks a way to steadily upgrade their legacy applications, accelerate their digital transformation and imbue new capabilities to drive future growth as well.
In fact, an assessment of the top 1000 banks globally, indicates that institutions powered by Finacle benefit from 50% higher returns on assets, 30% higher returns on capital, and 8.1% lower costs to income comparatively.
Infosys recently secured major deals with the likes of Samsung and Onegini for its Finacle banking solutions, to redefine mobile banking and payment services.
Infosys recently reported decent results, despite formidable headwinds like sluggish macroeconomic growth and intensifying competition. Constant innovation, business realignment to attain better operational efficiency and major contract wins are likely to support the company’s growth for the rest of the fiscal. Apart from this, rapid traction in its AiKiDo offerings and strategic alliances also bode well for improvement in future.
However, the company is grappling with a fundamental shift in the way clients buy and use technology. A rapid proliferation of customizable Internet-based software is hurting Infosys’ traditional outsourcing business.
Also, macroeconomic concerns like slowdown in China and economic uncertainty post Brexit might compel corporations to hold back their discretionary spending.
Infosys currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Barracuda Networks, Inc. , sporting a Zacks Rank #1 (Strong Buy), and Science Applications International Corporation (SAIC - Free Report) and Acxiom Corporation , both carrying a Zacks Rank #2 (Buy).
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Infosys Finacle Leads Forrester's Banking Solutions Survey
Infosys Ltd.’s (INFY - Free Report) Finacle, an industry-leading universal banking solution from EdgeVerve Systems (a wholly-owned product subsidiary of Infosys), has been named as the leading banking platform by Forrester Research, Inc. in ‘The Forrester Wave: Customer-Centric Global Banking Platforms, Q3 2016’ report. The survey included nine top banking platforms.
The banking platforms were judged on the basis of 40 criteria, which assessed strategy, current offering and market presence.
Infosys Finacle fared particularly well in the “Current Offering” category, with a score of 4.35 out of 5, and was the only one to score above 4 in the same. In addition, Infosys Finacle achieved the highest possible score on ‘Channels and Touchpoints’, ‘Market Approach’ and ‘Customer–focused product configurator’ criteria.
Infosys Finacle also stood out for its strong architectural focus, with important elements such as service-oriented architecture, components, SOAP and RESTful APIs, as well as API management. Further, its highly sophisticated product configuration and bundling capabilities were also acknowledged.
The existing banking platforms of various banks still employ outdated technologies, which significantly fall short of meeting present-day business requirements. However, in the face of increasing digitization, evolving customer demands, tougher competition and margin pressures, banks have eventually realized the long-pending need for modernization. Consequently, most of the banks are either already transforming their application landscape or planning to start soon.
In such a setting, Infosys Finacle solutions suite offers banks a way to steadily upgrade their legacy applications, accelerate their digital transformation and imbue new capabilities to drive future growth as well.
In fact, an assessment of the top 1000 banks globally, indicates that institutions powered by Finacle benefit from 50% higher returns on assets, 30% higher returns on capital, and 8.1% lower costs to income comparatively.
Infosys recently secured major deals with the likes of Samsung and Onegini for its Finacle banking solutions, to redefine mobile banking and payment services.
INFOSYS LTD Price and Consensus
INFOSYS LTD Price and Consensus | INFOSYS LTD Quote
Infosys recently reported decent results, despite formidable headwinds like sluggish macroeconomic growth and intensifying competition. Constant innovation, business realignment to attain better operational efficiency and major contract wins are likely to support the company’s growth for the rest of the fiscal. Apart from this, rapid traction in its AiKiDo offerings and strategic alliances also bode well for improvement in future.
However, the company is grappling with a fundamental shift in the way clients buy and use technology. A rapid proliferation of customizable Internet-based software is hurting Infosys’ traditional outsourcing business.
Also, macroeconomic concerns like slowdown in China and economic uncertainty post Brexit might compel corporations to hold back their discretionary spending.
Infosys currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Barracuda Networks, Inc. , sporting a Zacks Rank #1 (Strong Buy), and Science Applications International Corporation (SAIC - Free Report) and Acxiom Corporation , both carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>