Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), today announced that it has been positioned as a Leader in both The Forrester Wave™: Digital Banking Processing Platforms For Corporate Banking, Q3 2022 and The Forrester Wave™: Digital Banking Processing Platforms For Retail Banking, Q3 2022 reports.
In these assessments, Forrester evaluated seven corporate and ten retail digital banking processing platforms respectively, on a comprehensive set of 33 criteria focusing on current offering, strategy, and market presence. The reports identified three key expectations that a digital banking processing platform (DBPP) is expected to satisfy in each case, and based on the evaluation, Infosys Finacle was positioned as a Leader in the DBPP space. The three key expectations are:
- Leading architecture that will meet future requirements of the bank, supporting rapid change and continuous transformation
- Broad range of off-the-shelf capabilities that allow banks to differentiate
- Empower banks' technology teams with well-designed architectures to create rich banking differentiators via extensions
Findings from The Forrester Wave™: Digital Banking Processing Platforms For Corporate Banking, Q3 2022:
- EdgeVerve's Finacle Digital Banking Solution Suite ranked highest among all vendors in the Current Offering category that comprises Off-the-shelf banking capabilities & differentiators, Supporting banking capabilities, APIs, Solution architecture, Integration and transformation, Solution Delivery, and Delivery resources criteria.
- Finacle Digital Banking Solution Suite also received the maximum score of five in 15 of the 33 criteria used for assessment which include Off-the-shelf Business Banking Differentiators; API Support; API Management; Application Architecture; Security; Integration (corporate banking); Banking Application Ecosystems; Testing, Upgrades, and Maintenance; Monitoring and Availability; Cloud-based Delivery; System Integrators; Planned Architectural and Technology Enhancements; Execution Roadmap; Delivery Model; and Revenue.
- The solution received the highest scores among all vendors in the criteria of Integration & Transformation and Solution Delivery.
- According to the Forrester research, 73% of business and technology professionals at financial services firms expect their organizations to maintain or increase investments in core banking applications over the next 12 months.
Referring to Finacle Digital Banking Solution Suite, Jost Hoppermann, VP and Principal Analyst, Forrester, mentions in the report, "EdgeVerve (Finacle) brings APIs, integration, and application ecosystems to corporate banking. The strategy is strong on future plans for enhancing existing cloud-based offerings. The DBPP has differentiating business banking features such as preintegration of small business solutions for accounting and analytics via upSWOT. The DBPP offers strong integration capabilities including event streaming and has integrated with multiple third-party digital front-end solutions in the 12 months prior to this evaluation. Reference customers report a high degree of satisfaction with the vendor's delivery and support, available APIs, out-of-the-box security functions, and willingness to deliver in DevOps environments. EdgeVerve (Finacle) is a good shortlist candidate for banks that look for a well-designed modern architecture and want to collaborate with a vendor using agile approaches."
Sanat Rao, Chief Business Officer & Global Head, Infosys Finacle, said, "The banking industry is going through a deep digital reset. Yet, our research suggests only 26 percent of bankers believe they have been able to drive digital transformation at scale to reap the desired results. At Finacle, we are on a mission to help banks leapfrog digital transformation maturity, with an industry-leading suite of digital banking solutions and SaaS services, built on componentized and composable architecture. We believe that this recognition by Forrester is a testimony to the strength of Finacle's offerings and the differentiated value we bring to the established, challengers, and neo-corporate banks."