Published Date: April 27, 2009
Finacle™ to modernise CFS core-banking and channels platforms and transform customer experience
London, Bangalore, 27th April 2009: Infosys Technologies Ltd. and The Co-operative Financial Services (CFS) have today announced that CFS has chosen Finacle™ Universal Banking Solution to power its business transformation initiative. As part of the programme, CFS, part of The Co-operative Group, the UK’s largest consumer co-operative, will replace systems across its back-office and channels in the Retail Banking and Corporate Banking businesses with Finacle™. This initiative will also include the implementation of Finacle™ core banking, CRM (uniting CFS banking and insurance businesses) and e-banking solutions across the critical home-market operations of CFS in the UK.
A strong customer focus and high operational excellence are vital as part of CFS’s future development and growth strategies. The existing technology infrastructure while fit for purpose at present is considered unsuitable for future requirements and CFS has decided to replace the existing legacy systems with a world-class banking solution.
David Anderson, Chief Executive at The Co-Operative Financial Services, said, “The Enterprise Platform programme is a strategic initiative for CFS and deploying the right technology is critical to creating a client-centric business based on our core principles of value, fairness and social responsibility.”
According to Nandan Nilekani, Co-Chairman of the Board of Directors, Infosys Technologies Ltd, “The value-driven best-in-class capabilities of Infosys combined with the global leadership of Finacle™ Universal Banking Solution provides CFS a strategic partner with proven expertise for achieving the group’s transformation objectives.”
The rigorous selection process focused on acquiring a new generation platform to support the group’s crucial objectives of product innovation and client-centricity, standardisation of platforms and processes, and scalability for future growth.
Clive Elliott, Director of Enterprise Platform at The Co-operative Financial Services, commented, “We selected Finacle™ from Infosys as our strategic partner in this transformation journey for the strong technical architecture and functionality of the Finacle™ solution, extensive domain knowledge of the team and the global experience of working with leading financial institutions. Infosys’s approach to sustainability was also important, given the importance we place in this area.”
John Hughes, Director of Retail Banking, and business sponsor of the Enterprise Platform Programme said, “Once the new platform is implemented CFS will be able to create a differentiated customer experience through innovative products, a unified customer view and seamless integration across channels. Finacle™ will also enable CFS to acquire and retain customers, achieve sustainable scale, and lower operational costs.”
Sanat Rao, Vice President and Global Sales Head at Finacle™, Infosys Technologies Limited said, “We are delighted to partner with CFS for this strategic initiative. This partnership is another endorsement of the global leadership of Finacle™ and its superior value proposition to large financial institutions around the world and further consolidates our footprint in the growing European market. We look forward to enabling CFS to effectively employ the transformational capabilities of Finacle™ to achieve its objective of sustainable and client centric growth.”
A leader in banking transformation, Finacle™ has a global footprint across 62 countries and has been acknowledged by top analysts including Gartner and Forrester as being among the leaders in the core banking solution space. Finacle™ is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Banking Technology Award, and The Asian Banker IT Implementation Award.
The Co-operative Financial Services is part of The Co-operative Group, which is the world’s largest consumer co-operative with over 3 million members. CFS currently has 5.5m customers and employs over 8,000 staff. It has 116 retail and corporate branches/centres and over 1,000 face to face financial advisers.
Finacle™ from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation. For more information, visit www.edgeverve.com/finacle.
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 100,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com.
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