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Their IT systems and applications have become very complex over the decades, and they cannot possibly replace everything at one go. Haragopal M, the global head of Finacle, told TOI that the challenge has been the extensive legacy technology these banks have. The America market accounts for just 12% of the product’s total business even though Infosys gets more than 60% of its services business from there. Finacle’s presence, however, remains weak in the US. TCS’s Bancs came in 7th, though it did better than Finacle in some of the preceding years.
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Temenos and Oracle’s Flexcube led the rankings. IBS Intelligence, a leading financial technology market research firm, ranked Finacle fourth in 2012 in the number of new customers it signed, and third among those who offer primarily universal banking solutions. The product is used by 168 banks across 81 countries. This has helped Finacle form over 4% of Infosys’s $7 billion revenue, with an estimated two-thirds share of commercial banks in India and significant shares in Africa and Asia. Many of these banks could leapfrog to the new generation Finacle. Finacle, launched in 2000, has been a big success among banks in countries where technology adoption in the banking sector was slow in the last century. Himself launched the product at the annual banking and financial conference Sibos in Dubai on Wednesday.