Infosys’ core banking solution Finacle has come a long way. The product, launched almost two decades ago, was well ahead of its time for its target customers -- financial institutions and banks – and started gaining traction over the past five years. With the Covid-19 pandemic, Finacle’s growth has accelerated with new client contracts or extensions of existing ones being signed nearly every day.
At present, Finacle, according to Rajashekara Maiya, vice president, global head -- business consulting, Finacle at Infosys, “processes more than 16.5% of the global adult banking population -- which means at least one person out of six is being touched by Finacle’s product on a daily basis... present in more than 100 countries.”
The earlier trend of setting up data centers for analytics and technological needs is also set to change with the industry’s shift in focus to strengthening cloud services, he told TechCircle in a recent interview
According to International Data Corporation (IDC), around 80% of the banks in India will run trade finance and treasury workloads on SaaS or PaaS architectures by 2024.
Maiya has been with Infosys since 1997. He has seen the product go through its highs and lows, and ultimately find a sweet spot.
In the video, he spoke about the journey of the product, how the definition of core banking has changed in India, Finacle finding its new identity during the pandemic, and how it plans to innovate its way ahead and sustain the momentum.