The Hindu : Business : Infosys seeks to improve core banking product

Online edition of India's National Newspaper
Wednesday, Nov 23, 2005

Business

Business

Infosys seeks to improve core banking product

Special Correspondent

BANGALORE: With competition intensifying in the global core banking solutions market, Infosys is investing in market analysis and R&D to improve its core banking product, Finacle, and tap the potential offered by banks migrating to latest core banking products from outdated legacy systems in mature markets such as the U.S., Europe and Australia.

Indian banks could also play a crucial role and earn a sizable market for Finacle, its Vice President, Merwin Fernandes, told reporters here on Monday.

Apart from investing heavily on market analysis in these countries, Infosys had also invested over $80 million in research and development to improve its product. IT spending by 2010 would see an enhanced investment in new technologies and nearly 14 per cent, totalling up to $28 billion, was expected to be spent on new initiatives and out of this $10 billion would go to the banking platform, he added.

Indian vendors such as i-flex and TCS were aggressively pursuing clients in these markets and Finacle was making extra efforts to consolidate, targeting mid-sized and large banks.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section