Infosys' Collaboration with Old National is Accelerating the Bank's Operational and Technological Transformation

Rhea-AI Summary

Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY) and Old National Bank (NASDAQ: ONB) have expanded their strategic collaboration to accelerate the bank's operational and technological transformation. The partnership, which began in 2020, has enabled Old National to modernize its digital landscape using a self-funding model, resulting in improved stability, resiliency, and client experience.

The expanded collaboration will leverage Infosys' services, solutions, and platforms for operations transformation and process digitization powered by automation and GenAI. Jim Ryan, Chairman & CEO of Old National Bank, emphasized their commitment to exceptional client and team member experiences, while Dennis Gada, EVP and Global Head of Banking and Financial Services at Infosys, highlighted the cultural and strategic alignment between the two companies.

Positive

• Expansion of a successful four-year collaboration with Old National Bank
• Improved stability, resiliency, and client experience for Old National Bank
• Acceleration of Old National Bank's growth through digital landscape modernization
• Implementation of automation and GenAI for operations transformation and process digitization

Negative

• None.

Insights

Financial Analyst

The expanded collaboration between Infosys and Old National Bank represents a significant development for both companies. For Infosys, this deepening relationship demonstrates the success of their digital transformation services and validates their ability to deliver value to mid-sized regional banks. The extension of a four-year partnership indicates strong client satisfaction and potential for increased revenue from this segment.

Key points to consider:

• The use of a "self-funding model" suggests that the digital transformation initiatives are generating cost savings or revenue improvements that offset the investment.
• The emphasis on GenAI and automation aligns with current industry trends and could provide a competitive edge for Old National Bank.
• Infosys' ability to improve stability, resiliency and client experience for Old National Bank may lead to similar opportunities with other regional banks, potentially expanding Infosys' market share in this sector.

While specific financial details are not provided, the expanded collaboration likely translates to increased revenue for Infosys in the medium term. For investors, this news indicates Infosys' strong position in the banking digital transformation space and its potential for growth in the U.S. regional banking market.

Banking Technology Expert

This collaboration showcases a significant trend in the banking industry: mid-sized banks leveraging technology partnerships to compete with larger institutions. The focus on operational and technological transformation is important for Old National Bank to enhance efficiency and customer experience.

Key technological aspects include:

• Implementation of GenAI and automation, which can dramatically improve operational efficiency and decision-making processes.
• Emphasis on process digitization, likely leading to reduced operational costs and improved scalability.
• Use of Infosys Topaz, an AI-first set of services, platforms and digital solutions, indicating a comprehensive approach to AI integration in banking operations.

The success of this partnership could serve as a blueprint for other regional banks, potentially creating a ripple effect in the industry. For Infosys, this showcases their capability to deliver tailored solutions for mid-sized banks, a market segment with significant growth potential as these institutions seek to modernize their operations and compete more effectively.

EVANSVILLE, Indiana , Oct. 8, 2024 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, and Old National Bank (NASDAQ: ONB), the sixth largest commercial bank headquartered in the Midwest, recently entered into a strategic expansion of their four-year collaboration. This deepening of a highly successful relationship enables Old National to leverage Infosys services, solutions and platforms for operations transformation and process digitization powered by automation and GenAI, and transformation of key business areas.

Since 2020, Infosys has helped Old National modernize its digital landscape using a highly efficient, self-funding model. The resulting uplift in stability, resiliency and improved client experience has served to accelerate and sustain Old National's growth.

Jim Ryan, Chairman & CEO, Old National Bank, said, "At Old National, we are committed to creating exceptional client and team member experiences. Infosys is expertly guiding us through business process enhancements, with a strong emphasis on efficiency and value generation. We greatly appreciate Infosys' commitment to our growth and success."

Dennis Gada, EVP and Global Head of Banking and Financial Services, said, "Old National Bank and Infosys share a strong cultural and strategic alignment in developing, managing, and enhancing enterprise-scale solutions to transform the bank's operations and support growth. We are excited to further accelerate Old National Bank's business process and customer care transformation using Infosys Topaz. Our extensive experience in domain, technology, and operations, specifically for mid-sized and regional banks, will continue to bring deep growth and efficiency advantage for this segment."

About Old National

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" -- an honor reserved for the 50 most community-minded companies in the United States.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

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, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and 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, 2024. 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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SOURCE Infosys

FAQ

What is the purpose of Infosys' expanded collaboration with Old National Bank?

The expanded collaboration aims to accelerate Old National Bank's operational and technological transformation through operations transformation, process digitization, and modernization of key business areas using Infosys' services, solutions, and platforms.

How has Infosys' partnership benefited Old National Bank since 2020?

Since 2020, Infosys has helped Old National Bank modernize its digital landscape, resulting in improved stability, resiliency, and client experience, which has accelerated and sustained the bank's growth.

What technologies will Infosys use in its expanded collaboration with Old National Bank?

Infosys will leverage automation and GenAI technologies for operations transformation and process digitization at Old National Bank.

How does the collaboration between Infosys (INFY) and Old National Bank (ONB) impact their respective stock performances?

While the press release doesn't directly address stock performance, the expanded collaboration and resulting improvements in Old National Bank's operations and client experience could potentially have a positive impact on both companies' stock performances.