What is Finacle & Why Should Banking Job Aspirants be interested?

By NIIT Editorial

Published on 20/04/2020

6 minutes

Finacle is a banking software developed by Infosys to assist financial corporations with varying facets of digital banking. Its importance is highlighted by the fact that banking enterprises in over 100 countries rely on Finacle for serving more than 1 billion customers. But despite the proven credence in its capabilities to optimize operations, it is less heard of in circles other than banking. Therefore, for those generally curious, as well as students preparing for a future in the BFSI industry, this article will be a primer on Finacle and its associated services that the banking world so heavily and readily, banks upon.

Benefits of Finacle Software

Assurance

The software is designed on the principle that prevention is better than cure. It helps banks prevent maintenance efforts that enterprise IT departments have to delve into in case of downtime. In other words, Finacle points users towards IT areas that are most vulnerable to experience trouble in the future. The software is wholly managed and delivered by Infosys that offers it on a SaaS model allowing for quick installation. This banking software helps a firm reduce operational cost, with its warning systems. For some reason, even if the downtime occurs, Finacle can cut-short recovery times.

Testing Services

Rapid digitization poses a significant challenge to banks to continue coming up with the state of the art applications. For any digital product to have cross-platform compatibility, network coordination, and other essential operational characteristics, the prototype app must pass through the testing stages. Finacle Testing Services offers a testing environment that is considered the industry benchmark for digital product testing. IT departments can put their automation ideas to the test, see if their data migration strategy is right, and validate business processes.

Application Development

Finacle gives you an unbridled license to develop concept applications and support the ever-expanding business needs. System engineers use Finacle to customize existing apps to be part of an agile system. Although Finacle is a mainstream software in banking, yet considering the competition, not all banks use it. Notwithstanding the fact, Finacle applications integrate seamlessly with those developed by third-party vendors.

Application Management

IT teams expend massive amounts of resources to stay updated with state of the art tools and the talent to operate them. Combine this with regulatory requirements, 24/7 active business units, and multi-device applications and you have a collection of challenges to tackle at the same time. Banking organizations rely on Finacle to support key business wings such as:

Consumer Banking
Wealth Management
Trade Finance
Payments

Independent Validation Services (IVS) on the software can be used to test project initiation, strategy preparation, requirements validation, etc. Such in-house quality checks can lead to faster product delivery times.

Performance Optimization

Finacle is suited to a host of business processes and stages of growth. For instance, it can be used for a full-scale organizational launch of an application right after the developers have pilot-tested its prototype. The second type of business circumstance could be a merger of two institutions in which case Finacle is used to add new software specifications. A third stage could be the business itself is experiencing a surge in demand and as a result, needs must expand. Finacle is designed to handle high transaction volumes without lag.

Process Restructuring

Banking is an industry that is always under the scanner. There could be new privacy or data protection laws that must reflect in IT practices. You could reformulate the contents of a program and re-design programs as Project management comes integral to Finacle. A bank needs to establish third party ties for best in class service delivery. It comes as no surprise that service level management is on high priority, something that can be taken care of with Finacle.

Learn Finacle at NIIT

In recent years NIIT has emerged as a supply-side enabler for the BFSI industry ushering in strong candidates for frontline, client-facing positions. A leading programme on those lines is the Post Graduate Diploma in Sales & Relationship Banking. This 45-day programme blends online and offline learning and is credited for placing programme graduates with the ICICI Bank at a senior officer level. Students learn not just Finacle, which is a mandatory requirement for proactive finance professionals, but also the fundamentals of relationship management that help them handle customer relationships.

A PGDSRB certification would not just validate the calibre of a student but almost guarantee placement in one of the largest private banking institutions in the country. The ICICI Bank. Apply now!