Infosys offers digital banking SaaS offering for cooperative banks in India

Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, announced its Digital Banking Software-as-a-Service (SaaS) 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 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.

Highlights of the Infosys Finacle Announces Digital Banking SaaS Offering

• 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 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.

Venkatramana Gosavi, senior vice president and 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. “