Named a Leader for the 13^th Consecutive Year in the Gartner Magic Quadrant for Global Retail Core Banking

Bengaluru, India – August 31, 2020: Infosys Finacle, part of EdgeVerve Systems, a fully owned subsidiary of Infosys (NYSE: INFY), today announced that EdgeVerve Systems has been positioned as a Leader in Gartner’s Magic Quadrant for Global Retail Core Banking¹ for the 13^th consecutive year, following the evaluation of its Finacle™ Core Banking solution. Gartner evaluated 6 Core Banking solution (CBS) vendors on criteria covering ‘Ability to execute’ and ‘Completeness of Vision’.

Gartner analyzed and compared 26 variables for each vendor’s CBS product, for a total of 156 data points, to map the vendors based on their Ability to Execute. Similarly, Gartner analyzed and compared 39 variables for each vendor’s product, leading to a total of 234 data points, in order to map the vendors’ Completeness of Vision. Based on this extensive evaluation, EdgeVerve was recognized as a Leader and positioned furthest to the right for Completeness of vision among global core banking providers.

Gartner mentions in the report that “The demand for core banking packages is expected to grow in 2020 as banks deliver on digitalization strategies while facing the consequences from the COVID-19 pandemic.” Gartner also notes that “Core banking system offerings are evolving from autonomous islands of functionality to collaborative, open-banking-enabled platforms. Moreover, the shift to open-banking platforms is integrating all of the stakeholders in a bank’s value chain: financial technology providers (fintechs), technology partners, bank employees, customers, regulatory authorities and other banks.”

Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle said, “Globally, as banks tide over the challenges brought in by the pandemic and scale digital transformation initiatives, investing in a modern core banking platform will be key. With its componentized structure, cloud-native architecture, open APIs and comprehensive functional coverage, Finacle delivers one of the most advanced digital banking foundations to engage demanding consumers and drive innovation-led growth. We believe our Leader position in the Gartner Magic Quadrant underlines our unique ability to help banks accelerate their transformation in a risk-mitigated manner.”

Vittorio D’Orazio and Don Free, Gartner experts, mention in the report, “Leaders in the global retail core banking market tend to possess a high-order market understanding that helps in lead generation and, ultimately, in achieving more sales. In addition, they make it their business to monitor market trends and funnel progressive innovation into their product roadmaps. Most of them possess software development quality certifications (such as Capability Maturity Model Integration [CMMI]) or are pursuing them. The Leaders are also, without exception, “thinking small” or targeting component-based architecture as a gateway to providing increased accessibility to the granular functionality that banks need to drive the basis for differentiation. Leaders have high viability and great customer feedback, even though lately the increase in the number of sales has brought challenges in supporting customers at high standards. Leaders also focus on innovation — and the innovation trends that affect this particular market. They especially focus on trends with visionary capability in managing the ecosystem for open-banking platforms by fostering open banking with their products and services in a collaborative environment with their ecosystem partners. They also leverage the cloud opportunity by gradually making their products more cloud-friendly with “APIfication” of the components and by introducing cloud-native components at extent.”

A copy of the August 2020 report can be accessed here.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Infosys Finacle

Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.

Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking Solution, on average, enjoy 7.2% points lower costs-to-income ratio than others. 

To know more, visit www.finacle.com

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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