In this study, the first of its kind, comparing the retail banking platform market, Forrester evaluated five global retail banking platform vendors. These vendors were short-listed through a rigorous multi-criteria selection process that included an in-depth appraisal of their coverage of the Forrester banking functions map, forward-looking architectural approach, success in 2005, global delivery capability and platform commitment.
According to Forrester, âInfosys earns the top slot in the first Forrester Wave of retail banking platforms. Finacle is a good shortlist choice for banks that: need a banking platform with comprehensive functionality; want a strong multichannel solution as part of the banking platform; or are seeking an agile banking platform that is able to cope with changing business needs.â
Infosys Finacle ranked number 1 in overall strategy with a score of 3.95 (on a scale of 0 to 5) and also earned the top score in the areas of Multichannel Enablement, Architecture & Development and Systems integrators. Infosys is one of the two banking platform vendors that score highest for platform agility.
Merwin Fernandes, Vice President and Business Head Finacle, said: âWe are delighted by this recognition. Finacleâs proven strengths clearly include a flexible and open services based architecture, new generation technology, retail banking functionality, delivery depth and track record, and focused strategic direction. The report findings further reinforce Finacleâs expertise in addressing the requirements of Tier 1 and Tier 2 banks across the globe.â
The study evaluated the vendors across 83 parameters grouped into three key result areas â Strategy, Market Presence and Current Offering. Finacle scored high marks for its current offering, for its banking platform strategy, and for the depth and breadth of its banking functionality. The underlying architecture provided a very high degree of agility with regard to design, deployment, multichannel support, and business process management. The product supported integration, business process support, and flexibility in general through a number of standards-oriented tools developed in-house.