Banks Using Infosys Finacle See Reduction in Average Transaction Cost by Over 35 Percent, Shows Independent Customer Survey

Views tracker viewed for user
Infosys Technologies's picture
Printer-friendly versionPrinter-friendly version

Bangalore – April 4, 2014: The latest Infosys Finacle Business Value Articulation survey has revealed that banks using the multichannel functionality of Finacle core banking solution have reduced average transaction costs across channels by over 35 percent. The survey also showed that Finacle helped to reduce the effort to roll out innovative products and services by an average of 37 percent and create new revenue streams for banks.

These were some of the key insights drawn from responses of 52 banks, which evaluated Finacle’s impact on six business areas – growth, operational efficiency, architecture simplicity, agility, compliance, and customer relationship management. Feedback Business Consulting, an independent research agency, conducted the survey in 2013.

Key findings of the survey

  • Banks running on Finacle have realized an average 11.5 percent return on investment and average increase in return on assets of over 25 percent1
  • Banks witnessed an average 11 percent increase in revenue earned from higher fees post implementation of Finacle and an average increase in profit on capital by 19 percent1
  • Finacle’s advanced and scalable architecture has resulted in an average improvement of over 40 percent in time taken to execute customer transactions
  • Banks using Finacle have also seen an average increase in assets of over 30 percent in the review period compared to the previous year1
  • More than 90 percent of the banks surveyed acknowledged Finacle’s role in improving management of customer expectations. Banks deploying Finacle enjoyed an average reduction of 19 percent in customer complaints

Quotes

Dennis C. Bancod, Senior EVP & Head – IT Shared Services & Operating Groups, RCBC, Philippines
“Infosys is our strategic partner. With Finacle, we are able to bring products to market three times faster and provide a wider set of integrated products and services for our customers. It has also been instrumental in helping us achieve a 400 percent increase in the average numbers of new customers each month. Turnaround time for operational reporting has been cut in half, while relationship manager’s sales effectiveness has improved by 40 percent.”

Aruna Rao, Executive Vice President & Group Chief Technology Officer, Kotak Mahindra Group
"Our experience with the Finacle core banking solution has seen increase in new sales, cross sales and fee income since its adoption. Internal analysis indicates a 44 percent increase in the number of accounts added in the quarter succeeding Finacle implementation, compared to the quarter preceding it. Our customers have also provided positive feedback, specifically in terms of processing time at branches and their experience on the internet banking solution.”

Haragopal M, Senior Vice President and Global Head – Finacle, Infosys
It is heartening to see our clients realize and articulate the significant business benefits delivered by Finacle. The fact that this benefit was seen by our key customers across critical business metrics of cost to income ratio, customer acquisition growth rates, cross-sell success ratios, and returns on deployed assets, is extremely important to us.

1Based on bank specific data published in The Banker, issues dated July 2012 and July 2013

Additional resources


About Infosys

Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.

Visit www.infosys.com to see how Infosys (NYSE: INFY), with $7.4B in annual revenues and 158,000+ employees, is Building Tomorrow's Enterprise® today.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarter ended December 31, 2013. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.



News Source : Banks Using Infosys Finacle See Reduction in Average Transaction Cost by Over 35 Percent, Shows Independent Customer Survey

Copy this html code to your website/blog to embed this press release.

Press Release

Syndicate content
Post date
01/18/2016 - 02:57 Young Workers Optimistic about Careers, Positive about Technology
01/10/2016 - 14:17 Infosys to Serve Up Rich Analytics for Apia International Sydney 2016 Tennis Tournament through Infosys Information Platform
12/27/2015 - 23:12 Infosys Campus in Hyderabad to Meet 100% Electricity Needs from Renewables
12/14/2015 - 07:11 Infosys Invests in Whoop
12/10/2015 - 11:20 DNB Bank Selects Infosys for Application Transformation Programme
12/09/2015 - 18:27 Infosys invests in CloudEndure
12/08/2015 - 18:05 Infosys Foundation USA Calls for Every U.S. Public School to Adopt Computer Science Curriculum
11/20/2015 - 21:26 Infosys Foundation Provides Grants worth INR 56 Crore to Leading Academic Institutes across India to Create Faculty Chairs
11/18/2015 - 12:34 Infosys Foundation USA Announces Grants to Expand Inclusivity of Computer Science Education among Young People
11/16/2015 - 15:35 Infosys Science Foundation Announces Winners of the Infosys Prize 2015
11/04/2015 - 08:24 Retail Banks Up Investments in Innovation to Stay Ahead of Start-up Rivals: Infosys Finacle-Efma Study
10/27/2015 - 09:55 Infosys Finacle Sets a New Record on Oracle SuperCluster M7 for Processing Banking Transactions
10/23/2015 - 03:14 Infosys wins the ‘Corporate Citizen of the Year Award’ at the Economic Times Award 2015
10/20/2015 - 07:36 Infosys and Openreach Expand Partnership
10/20/2015 - 07:28 Winners of 2015 Infosys Finacle Client Innovation Awards Announced
10/19/2015 - 09:04 Infosys Completes Acquisition of Noah Consulting
10/18/2015 - 23:28 Infosys to Acquire Noah Consulting for US$70 Million
10/13/2015 - 07:39 Infosys Inducted Into the ‘Winner’s Circle’ in the HfS IoT Services Blueprint Report 2015
10/13/2015 - 07:25 BAI and Infosys Finacle Announce the Winners of 2015 Global Banking Innovation Awards
09/29/2015 - 23:01 Infosys Partners with GE to Develop New Solutions for the Industrial Internet of Things
Copy and paste this code to display this page on your website .
Syndicate content