There was success with another Australian banking group, albeit for its UK operations, when National Australia Group Europe signed with Infosys in the first half of 2010 for a new corporate internet banking solution. The software would be interfaced to the bank’s main core system, Systematics. Bruce Jennings, head of IT strategy and planning at National Australia Group Europe at the time (he soon departed for FIS), said the bank was also considering upgrading Systematics to the latest version In Turkey, following on from the deal at Akbank, Infosys had a win in July 2010 at T-Bank (Turkland Bank, majority- owned by Arab Bank and BankMed). It selected Finacle for an overhaul of its domestic operations. The bank was known to be at the shortlist stage earlier in the year, with T24 the other system under consideration. T-Bank is a relatively small player in the Turkish market, with 25 branches. It spans corporate, SME and retail banking. The project at Nykredit in Denmark gained momentum in 2010. The largest mortgage lender in the country, the project was focused on corporate lending to replace software that was originally designed for the retail side of the operation, said Lars Mathiesen, group CIO of Nykredit. Also on the shortlist were Temenos and Oracle FSS, before the bank signed with Infosys for a discovery phase in 2009. ‘The product flexibility and architecture in Finacle fits our needs,’ said Mathiesen. ‘We also felt that Infosys was experienced and professional in the consulting area.’


The discovery phase lasted until Spring 2010, and


allowed Nykredit to look closely at the functionality and architecture of Finacle before committing. An important reference site for Infosys was CFS. ‘We talked a lot with CFS,’ said Mathiesen, although he added that ‘the situation at Nykredit is very different’. The process was then postponed by about five months to accommodate Nykredit’s acquisition of Forstaedernes Bank, a domestic Danish retail bank. The project started in earnest in October 2010. Nykredit planned to finish the first phase of the implementation in 2012, and would go live on Finacle in phases. ‘There are many IT projects going on in Denmark but we are the first to be doing a large core banking implementation,’ said Mathiesen. Sales picked up again in 2011 for Infosys, as twelve new-name signings were recorded. These comprised four reasonably-sized institutions at home (excluding the fairly numerous wins in the lower tiers of the Indian market); one for the international operations of an Indian bank; two in the Philippines; plus others in Jordan, Nigeria, Sri Lanka and central Europe, as well as ING in Belgium. The latter was interesting, given its size and the relative dearth of such selections in western Europe. Finacle was taken for a range of areas including savings, current accounts, deposits and loans. Less good news came in Nigeria as by late 2011 it appeared as if Infosys was in danger of losing one or two Nigerian banks


from its customer list following the nationalisation of eight of the country’s banks in 2009 and the subsequent conclusion by the Central Bank of Nigeria that these banks suffered from over-indebtedness, exposure to non-performing assets and corporate governance problems. In terms of Infosys clients, Finbank was to be taken over by First City Monument Bank (however, as both were already Finacle users, the status quo here would be maintained); Oceanic Bank was to be taken over by pan-African group, Ecobank (which was in the process of the enterprise-wide consolidation of its operations on Flexcube); and ETB had been acquired by Sterling Bank (a user of the Banks core system from ICSFS). Spring Bank failed to put its house in order by the September deadline set by the regulators and its licence was revoked. 2012 saw a relatively good start with news of a win from National Bank for Agriculture and Rural Development (Nabard), the regulator of India’s co-operative banking sector, which was now planning to roll out Finacle (via Wipro), as well as TCS’s Bancs, to financial institutions across the country. Around the same time, it was revealed that Philippines- based mid-tier universal banking player, RobinsonsBank, had selected Finacle as a replacement for Silverlake’s SIBS. There also seemed to be something of a turnaround at


UralSib again with reinvigorated efforts to complete the troubled Finacle roll-out. By the first half of 2012, a new project team had been installed at the bank as well as a new CIO and vice president, Alexei Chirokikh. ‘The implementation will be completed,’ he asserted. ‘We have a new team in place, well-defined goals, plan and schedule.’ News from Turkey was mixed, with a successful conclusion


to the T-Bank project, but failure at Akbank. At the former, Cedar Consulting had been involved in the project. The key to success at T-Bank was felt to be a localisation layer which incorporated business norms and reporting requirements. A big bang go-live happened in May 2013. However, Akbank eventually reverted to its home-grown core system after several senior management changes, including on the IT side. A large project started in India in 2012 at the Department


of Post, an enterprise-wide implementation of Finacle to transform the banking operations at 155,000 post offices across the country. The India Post 2012 Modernisation Programme sought to create ‘a platform which could reach out to the deepest rural areas in India and provide every citizen with access to banking facilities’. By mid-2014, 540 post offices were live with the system. The project, which had cost around INR700 crores ($125.3 million), aimed to cover more than 200 million banking customers across India.


Infosys launched a new version of Finacle in September 2013, with an emphasis on components and an improved product factory. It also included integration adaptors for the most common parts of infrastructure, such as HP and IBM hardware stacks, Oracle and Peoplesoft general ledgers, or


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