Finacle From Infosys To Power Transformation At Raiffeisen International

14 January 2009

Infosys Technologies Ltd and Raiffeisen International Bank-Holding AG today announced that Raiffeisen International, the second-largest international banking group in Central and Eastern Europe (CEE), has selected Finacle from Infosys to standardise their technology platform and enable consolidation of operations across CEE. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG. As part of the agreement, Infosys shall implement version 10 of Finacle Universal Banking Solution across multiple countries in parallel. This will include deployment of Finacle core banking, CRM, e-banking, mobile, and alerts solutions.

In a fast changing business landscape, Raiffeisen International envisioned an opportunity to build upon its leading position in the CEE region. This region still continues to grow at a better pace despite the prevailing economic conditions across the world, and the bank sees retail banking as an important business segment now and in the future. To meet its development requirements, Raiffeisen required a highly scalable technology platform which could support faster product innovation and deliver a differentiated customer experience.

According to Mike Wood, Chief Information Officer, Raiffeisen International, “We selected Finacle 10 for its flexibility and transformational capabilities. We look forward to working with a leading global organisation like Infosys who shares our long-term vision for business and IT transformation across our network of businesses. Finacle will enable us to standardise our multi-country operations through a single platform and uniform processes to grow our business and provide world class products and services to our customers.”

As part of the evaluation process, the bank considered several solutions from other major providers before selecting Finacle from Infosys. The extensive selection process focused on acquiring a new generation platform to support the bank’s imperatives on scalability, faster innovation and time-to-market for business-related changes. While Raiffeisen International found the best fit in Finacle for these requirements, the group also plans to standardise processes and lower costs by leveraging Finacle.
 
Sanat Rao, Vice President and Worldwide Head, Finacle Sales, Infosys, said, “We are delighted to have signed this multi-country framework agreement with Raiffeisen International. This partnership also highlights our leadership position in banking transformation and Finacle’s powerful capabilities in fostering innovation, increasing productivity and meeting diverse customer needs. With clients such as BBVA, ANZ Bank, and now Raiffeisen International, Finacle has proved its dominance in multi-country deployment for large banks and we continue to help banks harmonise and standardise products and processes. Central and Eastern Europe is a market of strategic focus for Finacle and we look forward to closely working with Raiffeisen International to support their growth plans in the region.”

A leader in banking transformation, Finacle has a global footprint across 62 countries and has been acknowledged by top analysts including Gartner, Forrester and Celent among the leaders in the core banking solution space. Finacle is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award and The Asian Banker IT Implementation Award.

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