This partnership is another endorsement of the global leadership of Finacle™ and its superior value proposition to large financial institutions around the world and further consolidates our footprint in the growing European market. Sanat Rao, Vice President and Global Sales Head at Finacle™, Infosys Technologies Limited said, “We are delighted to partner with CFS for this strategic initiative. Finacle™ will also enable CFS to acquire and retain customers, achieve sustainable scale, and lower operational costs.” John Hughes, Director of Retail Banking, and business sponsor of the Enterprise Platform Programme said, “Once the new platform is implemented CFS will be able to create a differentiated customer experience through innovative products, a unified customer view and seamless integration across channels. Infosys’s approach to sustainability was also important, given the importance we place in this area.” The rigorous selection process focused on acquiring a new generation platform to support the group’s crucial objectives of product innovation and client-centricity, standardisation of platforms and processes, and scalability for future growth.Ĭlive Elliott, Director of Enterprise Platform at The Co-operative Financial Services, commented, “We selected Finacle™ from Infosys as our strategic partner in this transformation journey for the strong technical architecture and functionality of the Finacle™ solution, extensive domain knowledge of the team and the global experience of working with leading financial institutions. The existing technology infrastructure while fit for purpose at present is considered unsuitable for future requirements and CFS has decided to replace the existing legacy systems with a world-class banking solution.ĭavid Anderson, Chief Executive at The Co-Operative Financial Services, said, “The Enterprise Platform programme is a strategic initiative for CFS and deploying the right technology is critical to creating a client-centric business based on our core principles of value, fairness and social responsibility.”Īccording to Nandan Nilekani, Co-Chairman of the Board of Directors, Infosys Technologies Ltd, “The value-driven best-in-class capabilities of Infosys combined with the global leadership of Finacle™ Universal Banking Solution provides CFS a strategic partner with proven expertise for achieving the group’s transformation objectives.” This initiative will also include the implementation of Finacle™ core banking, CRM (uniting CFS banking and insurance businesses) and e-banking solutions across the critical home-market operations of CFS in the UK.Ī strong customer focus and high operational excellence are vital as part of CFS’s future development and growth strategies. As part of the programme, CFS, part of The Co-operative Group, the UK’s largest consumer co-operative, will replace systems across its back-office and channels in the Retail Banking and Corporate Banking businesses with Finacle™. and The Co-operative Financial Services (CFS) have today announced that CFS has chosen Finacle™ Universal Banking Solution to power its business transformation initiative. London, Bangalore, 27 th April 2009: Infosys Technologies Ltd. Finacle™ to modernise CFS core-banking and channels platforms and transform customer experience
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