Infosys Finacle won two awards for the Best Core Banking Implementation Project at The Asian Banker Technology Innovation Awards. The awards recognized exemplary technology implementations and innovative best practices at the State Bank of India (SBI) for multi-country core banking implementation and at ICICI bank for single-country implementation.
ICICI and Infosys Finacle win Best Core Banking Implementation Project – Single Country
ICICI bank has made a conscious attempt to remain at the forefront of technological innovations over the past two decades to achieve impressive growth. By migrating to the latest version of Finacle, the bank wanted to leverage the solution’s capabilities that would enable further business growth, empower their innovation strategies and ensure operational excellence. Being the largest private sector bank in India meant that the scale of the migration was enormous and the team looked to complete the entire migration activity within a span of 18 hours. A strong partnership approach and sufficient de-risking measures ensured that the bank was able to successfully undergo such a large-scale transformation without a single minute of downtime. This experience has demonstrated that a pain-free approach to banking transformation with an adaptive solution at the core is invaluable for banks looking to gear themselves for tomorrow.
State Bank of India and Infosys Finacle Win Best Core Banking Implementation Project – Multi Country
State Bank of India, in collaboration with Infosys Finacle, was able to upgrade to the latest version of Finacle core banking solution across 24 countries in just 24 months. Using the incremental development principle of agile delivery, the bank and Infosys Finacle team were able to break down the project’s overall delivery requirements into sets of work items that would be completed in sprint cycles. This approach greatly reduced project risk, enabled tighter cost control and accelerated the time for return on investment for the bank. A stringent migration strategy was used to manage each phase of the transformation including the creation of the base version and localization for each country. This project yielded many valuable insights that will help a large bank streamline their approach to multi-country transformations.