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From technology driving banking
development to the other way around




Thought Paper




www.infosys.com/finacle
Universal Banking Solution | Systems Integration | Consulting | Business Process Outsourcing
From technology driving banking development to
             the other way around
             Organized banking has been practiced since         standardized rules agreed to by the trading
             several centuries. Prior to the 20th century,      countries. The only technological development
             banking saw little change, but it has undergone    in banking during most part of 20th century
             dramatic transformation in the last few decades,   was on the telecommunication front, in the form
             thanks to the development of technology.           of telephone and telex.
             Generation Z (Internet Generation) will probably
                                                                This paper is a capsule of banking history. Starting
             never know the nuances of manual transaction
                                                                with the days of manual banking operations
             processing, which was how banking was
                                                                and the challenges they posed, it moves on to
             conducted until technology came along. Most
                                                                the development of banking technology and
             of these manual banking processes were
                                                                its benefits, and then on to the drivers of next
             built around the rules and regulations in each
                                                                generation banking and the role that technology
             country, with the exception of those supporting
                                                                can play in delivering business growth as well
             trade finance and cross-border fund transfer
                                                                as customer satisfaction.
             transactions, which were built according to




             Early developments
             Manual banking was prone to a high degree of       operations, they also maintained a parallel manual
             error, despite following the maker-checker or      ledger. Bigger banks, which had computerized
             4-eye principle. Bank reports would contain        large branches, but not those in rural areas,
             suspense entries, which had not been reconciled;   had trouble consolidating data for a zone or
             MIS reports sent to top management and             region. Realizing the benefits of technology
             regulators were often inaccurate and delayed;      enablement, banks slowly moved towards
             branches would fail to comply with circulars;      complete automation. The Central Banks of
             balance sheets were sometimes doctored to          different countries played a pivotal role in
             exaggerate performance; and bad assets were        ensuring that the move was in line with globally
             neither monitored nor reported correctly. These    accepted standards.
             unhealthy practices increased banks’ risks and
                                                                Automation enabled easy retrieval of customer
             losses. At the same time, banks had to watch out
                                                                and account data at the teller workstation
             for fraud, usually perpetrated by employees.
                                                                to speed up customer service and process
             Technology enablement of the banking industry      efficiency on one side and quicker consolidation
             started with automation of branch and teller       of General Ledger data and MIS availability to
             operations, with the goal of improving customer    the branches on another side.
             service. Manual operations, such as the issuance   The 1980s and early 1990s saw the advent
             of cash receipts and payments, transfer of         of massive computerization, electronic fund
             funds between accounts in the same branch,         transmission and ATMs. These innovations
             and certain paper clearing operations were         increased banking efficiency and output.
             automated. However, core operations such as        Automation progressed at a different pace
             lending, foreign exchange, investment banking      across countries, based on acceptance and
             and treasury remained under manual control. And    cost, and was largely driven by the needs of the
             although banks had started to computerize their    banking sector.




02   Thought Paper
The online revolution
The Internet revolution in the late 1990s drove        trade finance, treasury and investment banking.
banking automation into online mode, and               Although core banking applications were
ushered in data centralization. This paved             inbuilt with basic risk controls and Anti-Money
the way for a number of banking solutions              Laundering (AML) checks, there were also
including core banking applications covering           specialized solutions to help banks control and
critical branch operations, deposits, lending,         detect fraud.




Change of phase from business to technology
In the legacy systems era, banks could offer           accounts and do the same for the charges to
only a few vanilla products, designed and              customer accounts; they needed to provision
controlled manually. Core banking technology           year-end entries and identify non-performing
allowed banks to create a variety of products          assets. With core banking, banks could
and variants, catering to different customers,         accomplish all of the above within hours. Core
from senior citizens to high net-worth individuals.    banking also brought transparency to the
Product creation and maintenance became                banking ecosystem by making data available to
simpler, and product innovation took a leap.           top management and regulators immediately
Further, technology enabled specific customer          after financial year closing.
segments to be accorded extra privileges, such
                                                       External and internal audit of accounts could
as doorstep banking (for high net worth
                                                       now be carried out immediately after closing, at
customers). The new methods of income
                                                       the branch or head office. Other than physical
generation brought twin benefits for banks –
                                                       loan documentation, all data was available at the
low cost funds and higher fee income.
                                                       auditor’s desk.
In the manual era, banks needed to plan months
                                                       All of these added to banks’ efficiency, growth
ahead of financial year closing. They had to
                                                       and profitability.
process and verify interest on all interest bearing




The benefits of computerization in
Indian banking sector
Indian banks, led by Public Sector Banks (PSB),        the change. Table 1 below shows the adoption
which dominated the market, also embraced              of computerization by Public Sector Banks.

Table 1: Status on computerization at Indian Public Sector banks

  Category                                                         Percent of total bank branches
                                                              FY06     FY07    FY08     FY09     Fy10
  Fully computerized branches (CBS and others)                 77.5    85.6     93.7     95.0    97.8
  Branches under CBS                                           28.9    44.4     67.7     79.4    90.0
  Branches fully computerized (Other than under CBS)           48.6    41.2     26.0     15.6       7.8
  Partially computerized branches /
  Non-computerized                                             22.5    13.4      6.3     5.0        2.2
Source: Trends and Progress of banking in India, RBI




                                                                                                     Thought Paper   03
Core banking solutions brought multiple                                                                 banking       implementation     has      improved
             advantages to Indian banks. As per a survey                                                             operational efficiency, business agility, customer
             conducted by FICCI in February 2010, core                                                               satisfaction and control and monitoring.


             Table 2: Benefits derived from implementation of Core Banking Solutions

                          Benefits derived from implementation of Core Banking Solutions
                      9
                      8
                      7
                      6
                      5
                      4
                      3
                      2
                      1
                      0
                                                                                             Revenue from enhanced
                                                     Reduced errors




                                                                                                                                                                          Lower operation cost
                                                                         Improved customer




                                                                                                                       Quicker time to market
                             Reduced manual labour




                                                                                                                                                                                                 Effective control &
                                                                                                                                                Instant availability of
                                                                                               products & services




                                                                                                                                                                                                     Monitoring
                                                                                                                                                    accurate data
                                                                                                                           new products
                                                                             retention




                                                                      Mode Score on a scale of 1-8, 8 being most beneficial




             While technology was driven by business                                                                 automation took root in the US and Europe, the
             requirements in the initial phase, in the                                                               second phase of transformation, led by core
             second, there was a visible turn of events, with                                                        banking modernization, was driven by South
             technology playing an important part in banking                                                         East Asia, Latin America and Africa.
             strategy and business. Whereas the earliest




             Complex cash management and payment products
             Complex cash management products for                                                                    transfer of funds between customer accounts
             corporate customers having operations in                                                                in different banks locally and across borders.
             multiple countries could not have been developed                                                        Central Banks played a pivotal part in local
             and implemented without the assistance of                                                               payments. Organizations like SWIFT Alliance
             technology. Pooling funds at a central physical                                                         facilitated cross-border remittances and by
             or online location enabled corporate customers                                                          bringing in standard messaging mechanism
             to manage funds efficiently. Internet banking                                                           for transmission and receipt of funds. In India,
             technology made it possible to initiate fund                                                            payment systems such as ECS, RTGS and NEFT
             transfer request locally or cross-border and the                                                        were developed to enable bank customers
             resultant reduction of turnaround time increased                                                        transfer funds in real-time. Though this has cut
             trust with customer who maintains account with                                                          into banks’ income from float funds, it has
             the other bank. This has opened up business                                                             enhanced customer satisfaction. Elsewhere,
             avenues for corporate entities.                                                                         multiple payment systems like FEDWIRE, GIRO,
                                                                                                                     TARGET, CHIPS, CHAPS, SEPA etc., were developed
             Driven by Central Banks, many payment systems
                                                                                                                     to enable smooth and secure fund transfer.
             were developed for the smooth and efficient




04   Thought Paper
Online cross border payments, which were             the assistance of technology. Customers could
limited to specific countries and attempted only     open an account in one country and access or
by major banks worldwide during the early            withdraw from it from another country .ATMs and
1980s and 1990s, became the new normal with          debit cards reduced the physical exchange of cash.




Customer service through technology
With the aid of technology, bank staff could route   transactions by unscrupulous elements gaining
routine service requests through Internet or         access to customers’ Internet banking accounts,
phone banking (IVR) and focus on business            pushed banks to invest further in security
development instead. This, coupled with the          measures, as well as in anti money laundering
ATM, ushered in another phase in which banking       and risk management solutions. Regulatory
customers became independent of the branch.          compliance gained importance at the domestic
                                                     and global level and banks’ decisions/transactions
As channel banking gained popularity, it
                                                     came under the scanner.
heightened security concerns. Complex fraudulent




New peripheral software solutions for MIS
Though core banking was the cornerstone of           Warehousing and Business Analytics came
the banking revolution, there was a need for other   into existence and played a significant role in
software solutions as well. Software solutions       converting banking into a highly technology-
for Fixed Assets Management, Budgeting, Asset        driven business.
Liability Management, Transfer Pricing, Data




Business process outsourcing done by banks
Outsourcing of back office operations helped         outsourcing such as software development
banks and financial services providers to lower      and data centre operations, outsourcing has
costs and avail specialized skills. This enabled     grown to specialized areas such as Business
bank staff to focus on core business activities.     Process Outsourcing (BPO), Knowledge Process
The outsourcing also provided scalability of         Outsourcing (KPO), research and analytics.
operations to banks and financial institutions.      Further on newer models for outsourcing have
The centralized management of data processing        developed such as Collaborative Partnerships,
and customer service operations is now a             wherein banks as well as the vendors share the
commonplace. From the traditional forms of           benefits (losses as well) of the relationship.




                                                                                                  Thought Paper   05
Future development
             Today, technology is advancing at a rapid pace,      going the B2C way to reach customers directly
             and innovations in Internet, mobile and virtual      using new modes of communication like Internet
             media are impacting all sections of society and      and mobile. Today, more technology systems
             industry. The way banks operate or manage their      are driven by consumer need. Hence, any
             customers has changed beyond recognition.            development in B2C technology also impacts
             Because of the proliferation of communication        the banking sector. In addition, banks are looking
             technology, banks around the world are evenly        at customer experience to build differentiation.
             matched in technological progress. Even less         Social media has started to figure in banks’
             developed countries have managed to reach out        marketing and servicing strategy, and is being
             banking services to excluded segments, using         seen as a way to improve customer satisfaction
             the mobile platform. This has created a paradigm     and lower transaction costs. Clearly, banking
             shift in the way banks approach their business;      service and outreach are going through a
             where earlier, banks took the B2B route of           fundamental transformation.
             projecting product capability, today, they are




             Cost factor and usability
             It is essential that technology come at affordable   Since technology requirements are being driven
             cost. Cloud computing technology is enabling         by user needs, it is imperative that solutions
             banks to cut down technology related expenses        present a friendly interface and smooth experience
             by moving from a CAPEX (capital expenditure)         to users. User friendly, intuitive systems cut
             model towards an OPEX one, wherein banks             down the need for training. It is the technology
             pay only for the infrastructure or maintenance       vendors’ responsibility to ensure that their
             services that they actually use. This model is       solutions score high on both usability
             likely to initiate next cycle of technology change   and functionality.
             for bringing in more business.




             Conclusion
             Banking is now synonymous with technology.           be technology enabled, ranging from dispatch
             That being said, there is scope for further          management, management and introduction of
             automation, and the industry is on the lookout       time based processes for banking operations at
             for ways by which they can employ technology         various customer touch points and tracking of
             to enhance customer trust, improve process           the same for improving efficiency, introduction
             efficiency and speed up operations. Banks,           of swipe cards for banking operations, front
             which have leveraged technology to improve           office tools for customer to do banking on their
             reach, customer experience, data security and        own, enhanced customer experience models
             regulatory compliance, are now deploying mobile      when customer visits the branch. Technology
             banking or cloud services to achieve social          vendors can play a big role in changing the
             objectives, such as financial inclusion.             banking landscape of the future by offering
                                                                  innovative products and services catering to all
             While core banking occupies center stage in
                                                                  sections of society.
             banking automation, many other processes can




06   Thought Paper
Today, technological innovation has a very short   This is particularly important because technology
life cycle. Hence banks must put a lot of          will continue to drive next generation banking
thought into innovation, before investing in it.   and banking strategy for the foreseeable future.




References
1.	Report on trend and progress of banking in      4.	Banking on Technology-India, The Economic
   India - 2008-09; RBI                               Times Banking Technology Conclave; KPMG

2.	Report on trend and progress of banking in      5.	Monetary Theory and Electronic Money :
   India - 2009-10; RBI                               Reflections on the Kenyan Experience; William
                                                      Jack, Tavneet Suri, and Robert Townsend
3.	Indian Banking System: The Current State &
   Road Ahead; FICCI                               6.	 Dataquest– May 21, 2010; Shyamanuja Das




                                                             Reghunathan Sukumara Pillai
                                                                      Industry Principal, Finacle, Infosys

                                                                                    Manoo Jacob
                                                                       Lead Consultant, Finacle, Infosys




                                                                                                     Thought Paper   07
About Finacle
Finacle from Infosys partners with banks to transform process, product
and customer experience, arming them with ‘accelerated innovation’
that is key to building tomorrow’s bank.

For more information, contact Finacleweb@infosys.com                                                                                                          www.infosys.com/finacle
© 2012 Infosys Limited, Bangalore, India, Infosys believes the information in this publication is accurate as of its publication date; such information is subject to change without notice. Infosys
acknowledges the proprietary rights of the trademarks and product names of other companies mentioned in this document.

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Finacle - New Banking Technology Advancement

  • 1. From technology driving banking development to the other way around Thought Paper www.infosys.com/finacle Universal Banking Solution | Systems Integration | Consulting | Business Process Outsourcing
  • 2. From technology driving banking development to the other way around Organized banking has been practiced since standardized rules agreed to by the trading several centuries. Prior to the 20th century, countries. The only technological development banking saw little change, but it has undergone in banking during most part of 20th century dramatic transformation in the last few decades, was on the telecommunication front, in the form thanks to the development of technology. of telephone and telex. Generation Z (Internet Generation) will probably This paper is a capsule of banking history. Starting never know the nuances of manual transaction with the days of manual banking operations processing, which was how banking was and the challenges they posed, it moves on to conducted until technology came along. Most the development of banking technology and of these manual banking processes were its benefits, and then on to the drivers of next built around the rules and regulations in each generation banking and the role that technology country, with the exception of those supporting can play in delivering business growth as well trade finance and cross-border fund transfer as customer satisfaction. transactions, which were built according to Early developments Manual banking was prone to a high degree of operations, they also maintained a parallel manual error, despite following the maker-checker or ledger. Bigger banks, which had computerized 4-eye principle. Bank reports would contain large branches, but not those in rural areas, suspense entries, which had not been reconciled; had trouble consolidating data for a zone or MIS reports sent to top management and region. Realizing the benefits of technology regulators were often inaccurate and delayed; enablement, banks slowly moved towards branches would fail to comply with circulars; complete automation. The Central Banks of balance sheets were sometimes doctored to different countries played a pivotal role in exaggerate performance; and bad assets were ensuring that the move was in line with globally neither monitored nor reported correctly. These accepted standards. unhealthy practices increased banks’ risks and Automation enabled easy retrieval of customer losses. At the same time, banks had to watch out and account data at the teller workstation for fraud, usually perpetrated by employees. to speed up customer service and process Technology enablement of the banking industry efficiency on one side and quicker consolidation started with automation of branch and teller of General Ledger data and MIS availability to operations, with the goal of improving customer the branches on another side. service. Manual operations, such as the issuance The 1980s and early 1990s saw the advent of cash receipts and payments, transfer of of massive computerization, electronic fund funds between accounts in the same branch, transmission and ATMs. These innovations and certain paper clearing operations were increased banking efficiency and output. automated. However, core operations such as Automation progressed at a different pace lending, foreign exchange, investment banking across countries, based on acceptance and and treasury remained under manual control. And cost, and was largely driven by the needs of the although banks had started to computerize their banking sector. 02 Thought Paper
  • 3. The online revolution The Internet revolution in the late 1990s drove trade finance, treasury and investment banking. banking automation into online mode, and Although core banking applications were ushered in data centralization. This paved inbuilt with basic risk controls and Anti-Money the way for a number of banking solutions Laundering (AML) checks, there were also including core banking applications covering specialized solutions to help banks control and critical branch operations, deposits, lending, detect fraud. Change of phase from business to technology In the legacy systems era, banks could offer accounts and do the same for the charges to only a few vanilla products, designed and customer accounts; they needed to provision controlled manually. Core banking technology year-end entries and identify non-performing allowed banks to create a variety of products assets. With core banking, banks could and variants, catering to different customers, accomplish all of the above within hours. Core from senior citizens to high net-worth individuals. banking also brought transparency to the Product creation and maintenance became banking ecosystem by making data available to simpler, and product innovation took a leap. top management and regulators immediately Further, technology enabled specific customer after financial year closing. segments to be accorded extra privileges, such External and internal audit of accounts could as doorstep banking (for high net worth now be carried out immediately after closing, at customers). The new methods of income the branch or head office. Other than physical generation brought twin benefits for banks – loan documentation, all data was available at the low cost funds and higher fee income. auditor’s desk. In the manual era, banks needed to plan months All of these added to banks’ efficiency, growth ahead of financial year closing. They had to and profitability. process and verify interest on all interest bearing The benefits of computerization in Indian banking sector Indian banks, led by Public Sector Banks (PSB), the change. Table 1 below shows the adoption which dominated the market, also embraced of computerization by Public Sector Banks. Table 1: Status on computerization at Indian Public Sector banks Category Percent of total bank branches FY06 FY07 FY08 FY09 Fy10 Fully computerized branches (CBS and others) 77.5 85.6 93.7 95.0 97.8 Branches under CBS 28.9 44.4 67.7 79.4 90.0 Branches fully computerized (Other than under CBS) 48.6 41.2 26.0 15.6 7.8 Partially computerized branches / Non-computerized 22.5 13.4 6.3 5.0 2.2 Source: Trends and Progress of banking in India, RBI Thought Paper 03
  • 4. Core banking solutions brought multiple banking implementation has improved advantages to Indian banks. As per a survey operational efficiency, business agility, customer conducted by FICCI in February 2010, core satisfaction and control and monitoring. Table 2: Benefits derived from implementation of Core Banking Solutions Benefits derived from implementation of Core Banking Solutions 9 8 7 6 5 4 3 2 1 0 Revenue from enhanced Reduced errors Lower operation cost Improved customer Quicker time to market Reduced manual labour Effective control & Instant availability of products & services Monitoring accurate data new products retention Mode Score on a scale of 1-8, 8 being most beneficial While technology was driven by business automation took root in the US and Europe, the requirements in the initial phase, in the second phase of transformation, led by core second, there was a visible turn of events, with banking modernization, was driven by South technology playing an important part in banking East Asia, Latin America and Africa. strategy and business. Whereas the earliest Complex cash management and payment products Complex cash management products for transfer of funds between customer accounts corporate customers having operations in in different banks locally and across borders. multiple countries could not have been developed Central Banks played a pivotal part in local and implemented without the assistance of payments. Organizations like SWIFT Alliance technology. Pooling funds at a central physical facilitated cross-border remittances and by or online location enabled corporate customers bringing in standard messaging mechanism to manage funds efficiently. Internet banking for transmission and receipt of funds. In India, technology made it possible to initiate fund payment systems such as ECS, RTGS and NEFT transfer request locally or cross-border and the were developed to enable bank customers resultant reduction of turnaround time increased transfer funds in real-time. Though this has cut trust with customer who maintains account with into banks’ income from float funds, it has the other bank. This has opened up business enhanced customer satisfaction. Elsewhere, avenues for corporate entities. multiple payment systems like FEDWIRE, GIRO, TARGET, CHIPS, CHAPS, SEPA etc., were developed Driven by Central Banks, many payment systems to enable smooth and secure fund transfer. were developed for the smooth and efficient 04 Thought Paper
  • 5. Online cross border payments, which were the assistance of technology. Customers could limited to specific countries and attempted only open an account in one country and access or by major banks worldwide during the early withdraw from it from another country .ATMs and 1980s and 1990s, became the new normal with debit cards reduced the physical exchange of cash. Customer service through technology With the aid of technology, bank staff could route transactions by unscrupulous elements gaining routine service requests through Internet or access to customers’ Internet banking accounts, phone banking (IVR) and focus on business pushed banks to invest further in security development instead. This, coupled with the measures, as well as in anti money laundering ATM, ushered in another phase in which banking and risk management solutions. Regulatory customers became independent of the branch. compliance gained importance at the domestic and global level and banks’ decisions/transactions As channel banking gained popularity, it came under the scanner. heightened security concerns. Complex fraudulent New peripheral software solutions for MIS Though core banking was the cornerstone of Warehousing and Business Analytics came the banking revolution, there was a need for other into existence and played a significant role in software solutions as well. Software solutions converting banking into a highly technology- for Fixed Assets Management, Budgeting, Asset driven business. Liability Management, Transfer Pricing, Data Business process outsourcing done by banks Outsourcing of back office operations helped outsourcing such as software development banks and financial services providers to lower and data centre operations, outsourcing has costs and avail specialized skills. This enabled grown to specialized areas such as Business bank staff to focus on core business activities. Process Outsourcing (BPO), Knowledge Process The outsourcing also provided scalability of Outsourcing (KPO), research and analytics. operations to banks and financial institutions. Further on newer models for outsourcing have The centralized management of data processing developed such as Collaborative Partnerships, and customer service operations is now a wherein banks as well as the vendors share the commonplace. From the traditional forms of benefits (losses as well) of the relationship. Thought Paper 05
  • 6. Future development Today, technology is advancing at a rapid pace, going the B2C way to reach customers directly and innovations in Internet, mobile and virtual using new modes of communication like Internet media are impacting all sections of society and and mobile. Today, more technology systems industry. The way banks operate or manage their are driven by consumer need. Hence, any customers has changed beyond recognition. development in B2C technology also impacts Because of the proliferation of communication the banking sector. In addition, banks are looking technology, banks around the world are evenly at customer experience to build differentiation. matched in technological progress. Even less Social media has started to figure in banks’ developed countries have managed to reach out marketing and servicing strategy, and is being banking services to excluded segments, using seen as a way to improve customer satisfaction the mobile platform. This has created a paradigm and lower transaction costs. Clearly, banking shift in the way banks approach their business; service and outreach are going through a where earlier, banks took the B2B route of fundamental transformation. projecting product capability, today, they are Cost factor and usability It is essential that technology come at affordable Since technology requirements are being driven cost. Cloud computing technology is enabling by user needs, it is imperative that solutions banks to cut down technology related expenses present a friendly interface and smooth experience by moving from a CAPEX (capital expenditure) to users. User friendly, intuitive systems cut model towards an OPEX one, wherein banks down the need for training. It is the technology pay only for the infrastructure or maintenance vendors’ responsibility to ensure that their services that they actually use. This model is solutions score high on both usability likely to initiate next cycle of technology change and functionality. for bringing in more business. Conclusion Banking is now synonymous with technology. be technology enabled, ranging from dispatch That being said, there is scope for further management, management and introduction of automation, and the industry is on the lookout time based processes for banking operations at for ways by which they can employ technology various customer touch points and tracking of to enhance customer trust, improve process the same for improving efficiency, introduction efficiency and speed up operations. Banks, of swipe cards for banking operations, front which have leveraged technology to improve office tools for customer to do banking on their reach, customer experience, data security and own, enhanced customer experience models regulatory compliance, are now deploying mobile when customer visits the branch. Technology banking or cloud services to achieve social vendors can play a big role in changing the objectives, such as financial inclusion. banking landscape of the future by offering innovative products and services catering to all While core banking occupies center stage in sections of society. banking automation, many other processes can 06 Thought Paper
  • 7. Today, technological innovation has a very short This is particularly important because technology life cycle. Hence banks must put a lot of will continue to drive next generation banking thought into innovation, before investing in it. and banking strategy for the foreseeable future. References 1. Report on trend and progress of banking in 4. Banking on Technology-India, The Economic India - 2008-09; RBI Times Banking Technology Conclave; KPMG 2. Report on trend and progress of banking in 5. Monetary Theory and Electronic Money : India - 2009-10; RBI Reflections on the Kenyan Experience; William Jack, Tavneet Suri, and Robert Townsend 3. Indian Banking System: The Current State & Road Ahead; FICCI 6. Dataquest– May 21, 2010; Shyamanuja Das Reghunathan Sukumara Pillai Industry Principal, Finacle, Infosys Manoo Jacob Lead Consultant, Finacle, Infosys Thought Paper 07
  • 8. About Finacle Finacle from Infosys partners with banks to transform process, product and customer experience, arming them with ‘accelerated innovation’ that is key to building tomorrow’s bank. For more information, contact Finacleweb@infosys.com www.infosys.com/finacle © 2012 Infosys Limited, Bangalore, India, Infosys believes the information in this publication is accurate as of its publication date; such information is subject to change without notice. Infosys acknowledges the proprietary rights of the trademarks and product names of other companies mentioned in this document.