Finacle to bring on board 1 billion accounts in 2017

Finacle, part of the Infosys product subsidiary EdgeVerve Systems, will have a billion accounts under management on the platform as disruptive technologies are expanding financial business across the globe.

In an interaction with DH, Infosys Finacle Product Strategy Head Rajashekara V Maiya said the platform has 190 financial customers.

“The Finacle platform helps in handling more than 75,000 branches of these financial institutions, and 850 million accounts globally. We expect this to reach one billion next year as the power of mobile is expanding,” Maiya said.

The Finacle platform cumulatively undertakes more than 50 million transactions per day. Currently, Finacle has 16% of adult banking customers on board, who use active digital and mobile banking.

Maiya also pointed out that Finacle is helping clients to be truly digital to take on future challenges to give frictionless experience, ecosystem-building, ubiquitous automation and coming up with insights.

“We have already launched Infosys Information Platform to come up with insights using open-source technologies. Our recently launched Finacle Analytics has already come up with more than 40 pre-built analytics user cases. Also, Infosys Mana and Assist Edge have helped Finacle to help in robotics process automation via self-learning,” he said.

The recent tie-up with smartphone-maker Samsung and mobile app security platform Onegini is to make it happen.

“There is no need for an end-consumer to remember their password. It happens on facial recognition and no need of the PIN number. We are also helping in opening bank accounts in 60 seconds, and help in the voice authentication for the transaction,” he said.

Maiya said that blockchain technologies are changing the way banking is done for the past many decades.

“The advantage of the blockchain technology is that consumer can do cross-border transactions whether the branch is open or closed on a 24X7 basis. Besides bringing customer convenience, blockchain technology will bring transparency in the entire transaction and help banks to scale their services,” he said.

The company is building an ecosystem with the help of banks and other service providers, where its API (application programming interface) would help in seamless integration of credit or debit cards with a payment wallet for daily financial transactions.