Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, has announced Digital Banking SaaS (Software-as-a-Service) solution to help Indian Urban Cooperative Banks (UCBs) modernize their business and operations.
Designed specifically for the UCB, 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 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.
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.
Vidyadhar Anaskar, Chairman, Vidya Sahakari Bank and Maharashtra Urban Cooperative Banks Federation, and Vice President, National Federation of Urban Cooperative Banks & Credit Societies LTD (NAFCUB) said, “With Infosys Finacle, we are able to fully embrace our digital-first vision and we look forward to differentiating ourselves with a winning combination of a strong community presence and tech-powered, innovative, contextual, and banking products.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle said, “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. I am delighted to welcome our early adopters – Vidya Bank, Urban Co-operative Bank, Bareilly and Zoroastrian Co-operative Bank – to the growing community of UCBs powered by Finacle.”
Dr. Devadatta Chandgadkar, CEO & Company Secretary, Saraswat Infotech said, “A SaaS-based, digital transformation solution is a cost- effective way to modernize and expand the business, while providing a world-class banking experience to their members. Together with Infosys Finacle, we will help UCBs take a generation leap with their business transformation.”