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Infosys' financial services business soars

Infosys has grown to become the 6th largest provider of systems integration services to US financial service market.

india Updated: Sep 04, 2006 18:30 IST

Domestic IT major Infosys Technologies has been named as one of the top three fastest growing technology and service provider (TSP) to the US financial service market by leading research firm Gartner.

In a report titled "Competition Intensifies between Fast- Growing and Large IT Providers for Financial Service Engagements", Gartner analyst Susan Cournoyer mentions that Infosys (cited along with Cognizant and TCS) has "emerged out of the pack of companies with a majority-GDM model to become frequently mentioned contenders in the North American financial service market."

Gartner says: "Infosys has grown to become the sixth-largest provider of systems integration services to the US financial service market, as well as one of the top three fastest-growing TSPs to the market, using its GDM for nearly all engagements.

In addition, the company also has BPO clients, and it offers consulting and IT outsourcing capabilities as well.

While gaining on the back of its brand and industry expertise strength in front-end sales teams, the company has transitioned from a general focus on IT services toward a solutions portfolio, expanding from back-office-related work to infrastructure, front-office and mid-office work for clients, it says.

At Infosys, we believe that the financial services industry is experiencing a continuously flattening world, with companies, therefore, having to make substantial changes to their business to succeed and stay ahead of the market, said Ashok Vemuri, senior vice president and head of Infosys Banking and Capital Markets business unit.

Infosys also has a universal banking solution -- Finacle, which empowers banks to transform their business leveraging agile new generation technologies.

This modular solution addresses the core banking, treasury, wealth management, consumer and corporate e-banking, mobile banking and web based cash management requirements of retail, corporate and universal banks worldwid.