Bangalore – August 7, 2013: Infosys, a global leader in consulting, technology and outsourcing solutions, today announced the launch of the latest version of its Finacle wealth management solution. The new offering from Finacle allows banks to quickly introduce new products and services, such as financial planning and investment products, along with traditional retail banking services. This will help banks strengthen their offering portfolio for high-net-worth individuals (HNWIs) and mass affluent customers.
A recent Ovum study showed that HNWIs and mass affluent customers are among the fastest growing segments for banks. The study estimates that the HNWI banking and financial planning segment will grow by 7.5 percent between 2011 and 2016. The mass affluent financial planning segment is slated to grow by seven percent in the same period.*
The latest version of Finacle wealth management solution offers
- Single platform for all wealth management customers – The solution uses a flexible architecture to give banks the ability to customize and release products quickly to address the changing needs of their retail and investment banking customers
- Financial planning and portfolio management – Sophisticated tools for risk profiling, goal planning and portfolio analysis empower advisors to provide the high levels of personalized service that today’s HNWIs and mass affluent customers demand
- Additional asset classes – Fixed income, derivatives, IPOs and alternate investment modules have been integrated into a single platform and enables banks to offer a wider selection of multi-currency and multi-asset class products
- New fee module – A new advisory and management fee module allows advisors to accrue and view management fees for a customer or across multiple customers
- Advisor dashboard – A detailed dashboard provides an insightful, 360-degree view of each customer’s net worth, assets, and liabilities. This helps banks offer personalized products and services to HNWIs and mass affluent customers and increase wallet share within this segment
Haragopal M, Global Head – Finacle, Infosys:
“Banks can no longer ignore the growth potential that highly profitable segments like HNWIs and mass affluent customers offer, nor can they meet the needs of this segment without delivering a unique, customized experience. The enhanced Finacle wealth management solution will enable banks to offer personalized advisory service, providing the differentiation necessary to compete in this lucrative market.”
Mr. Jaroslaw Knapik, Senior Financial Services Technology Analyst at Ovum:
“We predict that IT spending by the global wealth management industry will reach almost $35bn by 2016, powered by heavy investment in digital channels. The HNWI banking and financial planning segment will see the largest growth. The focus will be on providing the client advisor with the tools to improve client communication and loyalty. For the client, the emphasis is one of empowerment; banks will be investing in self-management tools such as personal finance management, portfolio management and goal planning to provide their HNWIs with greater control over their investments and financial planning.”
* References: Wealth Management Technology Spending Through 2016: Business Function Segmentation, (Ovum, July 2012)
Infosys is a global leader in consulting, technology and outsourcing solutions. As a proven partner focused on building tomorrow’s enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve. Ranked in the top tier of Forbes’ 100 most innovative companies, Infosys – with $7.4bn in annual revenues and 155,000+ employees – provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
Visit www.infosys.com to see how Infosys (NYSE: INFY) is Building Tomorrow’s Enterprise® today.
Certain statements in this release concerning our future growth prospects are forward-looking statements, 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 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, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in the United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013, and on Form 6-K for the quarters ended September 30, 2012, December 31, 2012 and June 30, 2013. 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.
For further information please contact:
Abhijith Karthikeya D
Phone: +91 80 41563373
Paul De Lara
Phone: +44 2075162748
Phone: +1 925 719 7602