After a subdued demand for its universal banking solution Finacle for the last two quarters, Infosys has started to see some traction for the product in the global markets. During the last one week, the company has announced at least two new wins for Finacle implementation in Latin America and Asia Pacific region.
The company on Thursday said Banca Mifel, one of the leading banks in Mexico has implemented its Finacle universal banking solution. The implementation will help the bank improving the operational efficiency and customer services, it said in a statement. Earlier this week Infosys had announced that Rizal Commercial Banking Corporation, a private bank in the Philippines, has implemented Finacle.
V Balakrishnan, board member of Infosys who oversees Finacle and product business of the company said even though global banks are showing keep interest to implement core banking platforms, they are going little slow due to the challenging global economic environment.
“When the environment is challenging, people try to go slow in their spending. Core banking implementation requires large investment for them which they do at their discretion. But most of the banks are seriously looking at their core banking software," said Balakrishnan.
In the first two quarters of FY13, Infosys saw a 5% drop in its revenues from banking product business at $145 million when compared to the same period in the previous fiscal. According to Haragopal Mangipudi, Head – Finacle, this is largely due to the fact that product business is cyclical in nature.
Infosys has started taking the Finacle solution to developed markets such as the US and Europe. In the US, it has done one implementation with Discover Bank.
In the Q2 of FY13, Finacle adding six wins including four in the Europe, West Asia and Africa region. Overall, 165 banks across 78 countries use Finacle software, according to the company.
