Zand Bank Subscribes to Infosys Finacle's Corporate Banking Suite on Microsoft Cloud to Deliver New-Age Banking Experiences
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Insights
The partnership between Infosys Finacle and Zand Bank marks a significant step in the digital transformation journey within the corporate banking sector. The adoption of Infosys Finacle's cloud-native solutions by Zand is indicative of a broader trend towards digitization that is sweeping across the banking industry. This move is likely to set a precedent for other banks in the region, potentially leading to increased market competition and innovation.
For investors, this collaboration could signal Infosys's strengthening position in the digital banking solutions market, potentially leading to increased market share and revenue growth. Additionally, the successful deployment and operation of these solutions at Zand could serve as a case study for Infosys to leverage in securing future contracts with other financial institutions.
From a financial perspective, the integration of advanced technologies such as AI and blockchain into Zand's banking services, facilitated by Infosys Finacle, suggests potential for improved operational efficiencies and cost savings in the long run. The modular framework of the Finacle Corporate Banking Solution Suite enables rapid scaling and deployment of new services, which could translate into a faster revenue-generating model for Zand.
Investors should monitor the impact of this partnership on Infosys's financials in subsequent quarters, paying close attention to the revenue streams from its Finacle solutions and the overall profitability of its EdgeVerve Systems subsidiary.
The deployment of Infosys Finacle's solutions on Microsoft Azure showcases a growing synergy between traditional banking institutions and cloud computing platforms. The collaboration is a clear indicator of the banking industry's shift towards flexible and scalable cloud-based infrastructures that can support the rapid deployment of digital services.
For Zand, leveraging such technologies could enhance the bank's agility in responding to market demands and customer needs. The technological edge gained through this implementation could be a critical factor in Zand's ability to compete with other digital-only banks and traditional financial institutions that are also undergoing digital transformations.
BENGALURU,
Key highlights of Zand's technological advancement:
- The Finacle Corporate Banking Solution Suite's modular framework and expansive suite of features, including an array of Open APIs, will significantly accelerate the launch of innovative services, supporting Zand's objective of continuous innovation and commitment to customer delight.
- The Finacle solution suite aligns with Zand's cloud-native strategy, delivering exceptional performance, flexible scalability, and significantly improved operational efficiency.
- Infosys Finacle enables Zand's capability to assimilate and process a vast array of data, equips it to partner with sophisticated analytics platforms, thereby offering cutting-edge services to its customers.
- With Infosys Finacle, Zand builds on its solid technological foundation and positions itself at the industry's cutting edge. The collaboration enables Zand to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and drive a competitive advantage in the evolving landscape of digital finance.
Michael Chan, Chief Executive Officer of Zand, said, "We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers."
Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, "A digital revolution is shaking up the corporate banking sector, paving the way for modern, customer-centric models. We are delighted that Zand, as a trailblazer in this domain, has chosen Infosys Finacle for their ambitious project to redefine corporate banking excellence. We are committed to enabling Zand, fast-track its journey towards offering differentiated customer-centric and world-class corporate banking services. Our collaboration with the bank is yet another testimony to the flexibility of the Infosys Finacle Corporate Banking Suite and the enduring trust that banks in the Gulf Cooperation Council place in us."
Zand is the digital bank for digital assets, with a high focus on accelerating the digital economy in the
About Infosys Finacle
Finacle is an industry leader in digital banking solutions. We are a unit of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys (NSE, BSE, NYSE: INFY). We partner with emerging and established financial institutions to help inspire better banking. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow, and invest better. For more information, visit www.finacle.com.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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