Infy Arm EdgeVerve Named Leader in First IDC MarketScape
Assessing key trends in the corporate banking industry, the IDC MarketScape noted that financial technology (fintech)-enabled newcomers are nibbling away at niche areas of traditional corporate bank revenue streams, from foreign exchange (FX) to payment services and cash management data provision.
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of NYSE-listed Infosys on Tuesday announced that the company has been positioned as a Leader in the first IDC MarketScape: Worldwide End-to-End Corporate Banking Solution Providers 2019 Vendor Assessment. The report assesses the capabilities and strategies of seven leading corporate banking solutions powering the digital transformations of corporate banking organizations.
According to the IDC MarketScape, the evaluation looks at select vendors' ability to provide the entire range of corporate banking systems spanning core banking capabilities, multiple channels, and functions such as trade finance, cash management and treasury services, payments, and commercial lending. It also considers the providers' ability to provide data across these segments and collaborate with the wider banking ecosystem that involves fintechs, academia, and other industries.
Assessing key trends in the corporate banking industry, the IDC MarketScape noted that financial technology (fintech)-enabled newcomers are nibbling away at niche areas of traditional corporate bank revenue streams, from foreign exchange (FX) to payment services and cash management data provision. Banks must respond with better services and data to maintain market share.
The report further mentions that to remain competitive, the connected bank of the future should be able to swap in and out new products or services developed by fintech partners that better serve the needs of their clients.
Sanat Rao, Chief Business Officer, Infosys Finacle, said that the confluence of economic and profitability concerns, evolving customer expectations, and emergence of digital disruptors is heightening the need to accelerate digital transformation in corporate banking. However, the existing IT landscape is marred with disparate systems, product silos and inefficient manual processes that together drain resources and inhibit performance, innovation and growth. Consequently, many banks that prioritized digital transformation in the retail space earlier are now focusing the efforts on elevating the corporate banking experience. Finacle, with its componentized suite, is well placed to help banks in their pursuit of progressive modernization. This evaluation and leadership rating by IDC is a testimony that Finacle offers best-of-breed components that come together to create a leading corporate banking solution.
Neil Ainger, Research Manager for Worldwide Corporate Banking, IDC Financial Insights, said that the opportunity to integrate various functions of corporate banks more coherently using an end-to-end (E2E) corporate banking solution that spans channels, processing needs and functions in a convenient package is self-evident. The packaged way of presenting connected solutions with data to the fore is a relatively new phenomenon, he said.