Finacle is a digital banking solution suite, offered through EdgeVerve Systems, a wholly-owned product subsidiary of Infosys
Infosys campus main block in Chennai. (Credit: Simply CVR/Wikipedia.)
India-based RBL Bank has selected Infosys Finacle to migrate from an on-premise deployment to a cloud-native computing foundation (CNCF) certified containerised ecosystem, managed by Kubernetes.
Finacle is a digital banking solution suite, offered through EdgeVerve Systems, a wholly owned product subsidiary of Infosys.
The solution is said to address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions.
The migration is expected to help RBL Bank deploy advanced private cloud architecture to support its business and rapidly deliver new digital banking capabilities.
Also, the bank would benefit from the automated, self-service capabilities of the cloud-native architecture to achieve enhanced responsiveness, speed and reliability.
RBL Bank chief information officer Sankarson Banerjee said: “Even as our customers shift and readjust how they bank in these challenging times, it is our continuous endeavour to provide them with a world-class customer experience.
“When combined with the flexibility to elastically scale our applications and microservices, we will be better placed to meet our digital transformation goals.
“We’re investing in this new platform to gain exponential benefits in reducing costs, increasing efficiency, lowering cost to serve and ultimately, a better customer experience. Finacle’s microservices and API based architecture forms the foundation on which we react to market requirements faster and remain ever ready to serve digitally native customers.”
RBL bank is currently processing increased mixed channel transactions
Infosys said that the extensive open API repository of Finacle provides the agility required to integrate with ecosystem partners, which is an important focus area for the RBL bank.
The microservices architecture of the solution helps the bank easily scale-up to manage surges in services, on-demand, across traditional, modern and emerging channels.
RBL bank is currently processing increased mixed channel transactions of an average of six times per day, compared to last year.
Finacle Digital Banking Solution Suite is designed to help enhance digitisation and automation across the enterprise, for improved customer experience, increased STP, and decreased operational costs.
Infosys Finacle senior vice-president and sales global head Venkatramana Gosavi said: “Today, more than ever, customers demand round-the-clock, personalised banking services, on the bank’s digital channels as well as third party applications.
“RBL Bank has always been committed to staying contemporary when it comes to digital banking paradigms to successfully meet customer demands.
“We believe the upgraded digital banking platform, on a cloud-native architecture, will help accelerate innovation at RBL, enable deeper customer engagements and drive extensive automation to achieve operational excellence.”