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. 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. 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.” 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.
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. 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. 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.
Gartner evaluated 6 Core Banking solution (CBS) vendors on criteria covering ‘Ability to execute’ and ‘Completeness of Vision’. Infosys Finacle, part of EdgeVerve Systems, a fully owned subsidiary of Infosys, announced that EdgeVerve Systems has been positioned as a Leader in Gartner’s Magic Quadrant for Global Retail Core Banking for the 13th consecutive year, following the evaluation of its Finacle Core Banking solution.
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