Banks Using Infosys Finacle See Reduction in Average Transaction Cost by Over 35 Percent, Shows Independent Customer Survey

Bangalore – April 4, 2014: The latest Infosys Finacle Business Value Articulation survey has revealed that banks using the multichannel functionality of Finacle core banking solution have reduced average transaction costs across channels by over 35 percent. The survey also showed that Finacle helped to reduce the effort to roll out innovative products and services by an average of 37 percent and create new revenue streams for banks.

These were some of the key insights drawn from responses of 52 banks, which evaluated Finacle’s impact on six business areas – growth, operational efficiency, architecture simplicity, agility, compliance, and customer relationship management. Feedback Business Consulting, an independent research agency, conducted the survey in 2013.

Key findings of the survey

Quotes

Dennis C. Bancod, Senior EVP & Head – IT Shared Services & Operating Groups, RCBC, Philippines
‘Infosys is our strategic partner. With Finacle, we are able to bring products to market three times faster and provide a wider set of integrated products and services for our customers. It has also been instrumental in helping us achieve a 400 percent increase in the average numbers of new customers each month. Turnaround time for operational reporting has been cut in half, while relationship manager’s sales effectiveness has improved by 40 percent.”

Aruna Rao, Executive Vice President & Group Chief Technology Officer, Kotak Mahindra Group
“Our experience with the Finacle core banking solution has seen an increase in new sales, cross sales and fee income since its adoption. Internal analysis indicates a 44 percent increase in the number of accounts added in the quarter succeeding Finacle implementation, compared to the quarter preceding it. Our customers have also provided positive feedback, specifically in terms of processing time at branches and their experience on the internet banking solution.”

Haragopal M, Senior Vice President and Global Head – Finacle, Infosys
“It is heartening to see our clients realize and articulate the significant business benefits delivered by Finacle. The fact that this benefit was seen by our key customers across critical business metrics of cost to income ratio, customer acquisition growth rates, cross-sell success ratios, and returns on deployed assets, is extremely important to us.”

Based on bank-specific data published in The Banker, issues dated July 2012 and July 2013

Additional resources

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Visit www.infosys.com to see how Infosys (NYSE: INFY), with $7.4B in annual revenues and 158,000+ employees, is Building Tomorrow’s Enterprise® today.

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