Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced that Qantas Credit Union, a top Australian Credit Union, has chosen Infosys Finacle to improve its customer’s digital experience, as part of their business transformation strategy.
With fintech innovation high on the agenda in Australia’s fiercely competitive banking sector, which is dominated by the ‘big four’ commercial banks, Qantas Credit Union is leveraging the flexibility of Infosys Finacle’s ‘software-as-a-service’ model to provide its members with the latest banking services, without the significant overhead costs often associated with complete legacy technology upgrade.
The strategic partnership with Infosys will enable Qantas Credit Union to exploit the power of digitization to unlock new revenue streams and foster customer loyalty, while enabling the bank to quickly bring new products to market.
Some of the enhancements and project deliverables include:
• Building a new mobile banking and tablet app, and upgrading online banking platform with more tools, features and enhanced banking functionality;
• Developing peer-to-peer payments and digital wallet products;
• Enhancing back office efficiencies to reduce application time for credit cards, home loans and personal loans.
• Infosys Finacle will replace Qantas Credit Union’s legacy core platform with an end-to-end banking solution to help them transition from the existing IT infrastructure and further its reputation as a customer-focused organization
• Infosys Finacle was selected for its potential to offer a comprehensive portfolio of modules that includes Core Banking, CRM, e-Banking, Mobile Banking, Loan Origination, Alerts, Agency Banking and Youth Banking solution
• EdgeVerve will provide Finacle ‘as-a-service’ through innovative cloud-hosted business platforms. In addition, Quantas will also leverage Edge suite of products including BrandEdge, InteractEdge and AssistEdge to render services such as digital marketing, customer experience management, and intelligent customer service and issues resolution
Scott King, Chief Executive Officer, Qantas Credit Union:
"At Qantas, we are constantly looking at ways to improve our ability to serve our members better and deliver a world-class service. Our partnership with Infosys Finacle is an exciting one for us. Firstly, it will deliver both short-term benefits and staggered releases, transforming our core system, online, mobile and tablet banking over the next three years. Secondly, this partnership will help us deliver experiences that make banking easy, more personal and opportunities that empower our members to bank with us the way they want to. Lastly, the partnership will see increased efficiencies, streamlining of processes, advanced automation, better insights and reporting, thereby, delivering a competitive-edge."
Michael Reh, Executive Vice President and CEO (designate), EdgeVerve:
"Australia’s highly competitive banking market is fuelling a rapid transition to mobile and digital services with an increased focus on customer experience. Qantas Credit Union, a leading member-owned financial institution, will now have the ability to adapt and bring innovative products to market more efficiently with our complete end-to-end platform. Finacle’s software-as-a-service’ model enables our customers to provide the latest banking services more flexibly and cost-efficiently."
About Infosys Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys (infosys.com). The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
About EdgeVerve Systems
EdgeVerve Systems, a product of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today, EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Infosys Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers nearly 16.5 percent of the world’s adult banked population.
About Qantas Credit Union
Qantas Credit Union (a trading name of Qantas Staff Credit Union Limited) (qantascu.com.au) is an Australian credit union providing a variety of financial services including home loans, personal loans, car loans, credit cards, savings, financial planning and foreign exchange products and services to their Members. It is an unlisted public company owned by Members and run by our Board of Directors.
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015. These filings are available at sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
Paul de Lara - Infosys, UK
P: +44(0)20 7516 2748 - E: Paul_deLara[.]infosys.com.
Cristin Balog - Infosys, USA
P: +1 650-320-4126 - E: Cristin_Balog[.]infosys.com.