Infosys Finacle, part of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys, today announced that it has been recognized as a Leader in 2022 Gartner® Magic Quadrant™ report for Global Retail Core Banking for the 14th consecutive time, following the evaluation of its Finacle Core Banking Solution. Gartner comprehensively assessed five global core banking solution vendors on 65 variables and 321 data points spanning across ‘ability to execute’ and ‘completeness of vision’.
Finacle Core Banking is a cloud-native, componentized, and open APIs-driven solution. The solution is differentiated by its functionally rich modules, composable architecture, and an impeccable track record of powering innovations for financial institutions of all sizes. Banks gain a go-to-market advantage with Finacle’s flexible product factories that can help bring global innovations to life with simple configurations. Banks can also compose contemporary digital business models such as ‘Banking as a Service’ with ease, using Finacle’s open APIs, webhooks, and pre-integrated API management infrastructure. Today, financial institutions in more than 100 countries rely on the Finacle Core Banking solution to serve more than a billion people and millions of businesses.
Gartner analysts Vittorio D’Orazio and Don Free, mention in the report that, “Leaders in the global retail core banking market tend to possess a higher-level market understanding than peers 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 or are pursuing them. The Leaders are also, without exception, “thinking small” or targeting composable 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. Leaders also focus on innovation — and the innovation trends that affect this particular market. For example, they can show visionary capabilities in managing new trends such as the ecosystem for open banking platforms by fostering the integration of their system with others’ products. They also respond to client demand for cloud deployment by gradually making their products more cloud-native with “APIfication” of the components and by introducing standards and the use of sandboxes.”
Sanat Rao, Chief Business Officer & Global Head, Infosys Finacle said, “The digital divide between innovators with modern platforms and laggards struggling with legacy cores is widening rapidly. Thus, there is growing interest in embracing modern core platforms. Finacle delivers one of the most advanced digital banking foundations built on componentization, composability, and Open APIs. Our cloud-native solution and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. We believe this leadership position is yet another testimony to our differentiated value proposition.”