Finacle

Finacle universal banking products are designed to address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks. It is developed by Infosys, and is one of the major players in the arena of core banking in Indian and Asian banking domains.T.V. Mohandas Pai was closely associated with it.

Detailed solution description Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. Finacle solutions address the core banking, wealth management, CRM, Islamic banking and treasury requirements of retail, corporate and universal banks worldwide and provide online marketing tools like Finacle finanz tools. Finacle solutions also empower banks with multiple sales, service and marketing channels including e-banking, mobile banking and call centers. These offerings make Finacle a strong innovation-facilitator enabling banks to accelerate growth, while maximizing value from their large scale business transformation. Functional description Finacle UBS addresses functionalities in consumer banking viz. Savings and Checking Accounts, Retail Loans and Mortgages Time deposits. Islamic Banking requirements, Wealth Mgmt, Corporate Banking, viz OD, Syndication, Commercial Lending, Securitization, Trade Finance that includes Forward Contracts, Export/Import Financing, Documentary Credits, Guarantees etc. It supports Standing Orders, Sweeps/Pooling, Payment Systems, Limits/Collaterals, Bill Payments, Liquidity Management, Clearing, Referrals. It has integrated fees/charges module, Signature Verification, Interest and Tax calculation engine. It has a strong Accounting Backbone with a GL and Transaction Manager with multicurreny support Competitive advantage Finacle has several unique advantages:- Customer Centricity - supports a central customer information file across businesses providing a true 360 degree view of customers Regional Expansion - by supporting multi-lingual, multi-currency, multi-byte, multi-timezones in the same instance thus providing consolidation to the bank across multiple countries Faster Time to Market - product factory centric approach, creating new products is very quick and simple - competetive advantage to the bank Operational Efficiency - Improves productivity with features like templates, workflows, online signature verification. STP processes Multi Channel Delivery - true multi-channel solution with consistent UI across channels & easy integration thru integration framework Compliance - BASELII complaint from corebanking perspective, customization infrastructure helps comply with changing regulatory needs

Core Banking Finacle core banking solution is a comprehensive, integrated yet modular business solution that effectively addresses the strategic and day-to-day challenges faced by banks. It is highly parameterizable providing that much-needed flexibility to innovate and adapt to a dynamic environment. The solution has an integrated CRM module enabling banks to offer a rich and differentiated value proposition to customers. The layered Service Oriented Architecture (SOA), STP capabilities, Webenabled technology and 24X7 operations ensure multi-channel, multi-country and multi-currency implementations. The functionality-rich modules in the solution provide banks with a varied palette of features to continuously innovate on their product and service offerings. From the services innovation perspective, Finacle offers a comprehensive and unified customer repository with capabilities to educate and empower customers. With Finacle core banking solution, banks can meet the challenges of managing change, competition, compliance and customer demands effectively.

Key Modules

Enterprise Customer Information Consumer Banking Wealth Management Corporate Banking Trade Finance Islamic Banking Functional Services Reusable Business Components Accounting Backbone Infrastructure

Business Benefits

Differentiated Product Spread Finacle core banking solution offers an unlimited palette of features for banks to design and deploy products for varying market segments. The product bundling capabilities of the solution offer a wide range of possibilities for banks to create products with innovative features. The facilities provided for differential pricing, channel rules and customization through Finacle Studio the scripting engine, empower banks to continuously innovate and extend their suite of products, across segments.

Agile Operations The Service Oriented Architecture (SOA) enables the IT team at the bank to effect changes without touching the base code, ensuring lesser vendor dependency and faster adaptability to changing business conditions.

Robust Cross-sell Framework The CIF and CRM capabilities in Finacle offer a unified view of the customer across the entire solution and across multiple back-end applications, enabling the bank to view the customer from a completely informed angle. This empowers banks to effectively manage customer relationships and aggressively explore cross-sell opportunities.

Increased Operational Efficiencies and Productivity Finacle core banking solution supports business event automation and process orchestration, thus eliminating manual tasks and reducing process time. The elimination of error and data redundancies also results in increased branch productivity. Straight Through Processing (STP) abilities enhance reduction in turnaround and processing time, increasing output and enabling speedy completion of tasks.

Awards

Judges Special Achievement Award : Banking Technology Awards 2008 Highly Commended in the Best Core Banking Product category for the Banking Technology Readers Choice Award : Banking Technology Awards 2008 CII - EXIM Bank Award For Business Excellence 2008 Asian Banker award for best core banking implementation - 2008 Asian Bankers 2007 IT Implementation awards Commended in the Back-office Retail Banking Project category by the Banker Technology Awards 2007

Asian Bankers Awards 2006 for large and mid size core banking implementations Winner in CRm Category - The Banker Technology Awards 2005