Delhi and Bengaluru: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys ( NYSE: INFY), and Shivalik Mercantile Co-operative Bank Ltd., a leading, multi-state, urban co-operative bank in India, today announced the successful implementation of the Finacle Digital Banking Suite on the cloud. This will provide the bank superior agility to cost-effectively manage scale and power its growth with an on-demand portfolio of products and services, ensuring a world-class banking experience for its customers and seamless ecosystem connectivity.
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “Co-operative banks are at the forefront of driving financial inclusion and supporting economic expansion, with deep community connections and personalized customer service. With the ongoing digital disruption in banking, banks in this space need to modernize their legacy technology platforms, to ensure they remain relevant to their customers. Our cloud offerings provide a cost-effective way to transform business and to gain the flexibility to scale at will. We are pleased to power Shivalik Bank’s business with the industry-leading Infosys Finacle solution suite, to accelerate its aspirational journey to become one of the largest urban co-operative banks in India.”
Suveer Kumar Gupta, MD & CEO, Shivalik Bank, said, “Without technology modernization, cooperative banks face a persistent threat to their continuity, with big banks, fintechs and non-banking players investing to continuously expand their customer base. A cloud-based, digital transformation solution is a cost-effective way to modernize and expand the business while giving our customers world-class banking experience. Finacle’s integrated digital banking solution has helped Shivalik Bank achieve a transformational leap in its technology base, which together with our robust local knowledge, will help deliver high-quality customer service and take forward the ‘Digital India’ Vision, especially among the underbanked population.”
Sridhar Reddy, the CEO, Cloud4C, said, “We are pleased to partner with Shivalik bank and Infosys Finacle in this implementation. Shivalik Bank is now enabled with an end-to-end managed services cloud infrastructure, enabling the bank to scale quickly, and bring new innovations to market, a key requirement in the fast-paced banking environment of today.”