Infy's Finacle records 94 p.c. growth

BANGALORE: Infosys's core banking product business unit, Finacle, recorded a whopping year-on-year growth of 94 percent from last year.

The business headed by Merwin Fernandes, grew to around $62 million from $31.9 million in the last nine months.

Kris S Gopalakrishnan, COO, Infosys, attributed the high growth to Finacle's expanding global footprint. “Our core banking product has gained traction across regions in Asia Pacific, like Singapore, Thailand, Sri Lanka, India, Africa, South America, Middle-East and also developed countries like Switzerland and the US.”

“We are seeing a lot of growth especially from tier-one and tier-two banking customers looking to replace their legacy mainframe systems with our product,” said Fernandes.

Analysts estimate the core banking replacement market at around $14 billion and expect this to grow to $34 billion by 2010.

He said that the company is making sustained investments into adding more scalable and including features like making it BPM enabled and service oriented. In the last financial year, the company made a $10 million investment into Finacle and Fernandes said that the company would continue to invest this fiscal as well.

In India, the company enjoys 65 percent market share in the core banking space, and added new domestic customers like Centurion Bank of Punjab and UCO Bank to its kitty this quarter.

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