Infosys Finacle launches digital banking SaaS offering for Indian UCBs

Infosys Finacle has launched a digital banking SaaS offering to help Indian urban cooperative banks (UCBs) in modernizing their business and operations.

Designed as an accessible solution, the Infosys digital banking SaaS offering has already been adopted by Vidya Sahakari Bank, Zoroastrian Co-operative Bank, and Urban Co-operative Bank, Bareilly.

Infosys Finacle is a part of EdgeVerve Systems, which in turn is a fully-owned subsidiary of Infosys.

According to Infosys, its SaaS offering combines the comprehensive functional spread of the Finacle solution suite with complementary solutions and capabilities from its business partners – Saraswat Infotech Pvt Ltd (SIPL) and Best of Breed Software Solutions (BBSSL) for helping UCBs cut down cost, bring in operational efficiencies, and deliver exceptional customer experiences.

Infosys Finacle launches digital banking SaaS offering for Indian UCBs. Photo courtesy of Infosys Limited.

Dr. Devadatta Chandgadkar – CEO and Company Secretary of Saraswat Infotech said: “Continued investment in cutting-edge technology is vital for cooperative banks to counter the heightened competitive and regulatory pressures.

“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.”

The Infosys digital banking SaaS offering will be delivered as a subscription. The end-to-end digital banking solution suite features Finacle Core Banking and complementary solutions from SIPL, with an option to adopt other solutions such as ATM switch, internet banking, mobile banking, and others.

Venkatramana Gosavi – Senior Vice President and Global Head of Sales at Infosys Finacle said: “For over two decades, Finacle has been a strong partner to financial institutions in India in their transformation journey. Today, the UCB landscape is being reshaped by several forces in the new normal – rapidly changing customer behavior, new agile competitors, and evolving regulations.

“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. This is a new step in our commitment to help UCBs retain the customer trust that they have built over the years and to build a resilient organization for the future.”