Infosys, BBVA in strategic partnership
SOURCE: Business Standard
DATE: May 29th, 2008
Mohit Soapbox:
Finacle is still a small percentage of revenue for Infosys and from their earning call recently does not seem like there will be a big push to make this a major part of revenue. I wonder how successful companies like Infosys will be in creating a product and creating IP based platforms for their clients ? iFlex has done a great job in creating and selling a product based company but that is how they started out. With focus on looking at not FTE growth based businesses will Indian vendors
use products to scale markets.
ARTICLE
Infosys Technologies has signed a global agreement to implement the Finacle Universal Banking Solution at BBVA, a leading financial services group. The bank will start the transformation excercise in BBVA Banco (Paraguay) and will implement Finacle core banking, customer relationship management (CRM), treseaury and wealth management solutions
BBVA aims to further improve cost efficiencies and productivity with the transformation and innovation plan launched in 2007.
Nandan Nilekani, co-chairman, Infosys Technologies, said, “We are delighted to partner BBVA for this strategic project. Finacle, combined with the comprehensive services offering from Infosys, will offer a differentiating proposition to BBVA to achieve thier objectives.”
While the deal size was not disclosed, it has been reported that BBVA, one of the top 15 global banks, plans to invest Euro 5.6 billion in technology over the next three years and ‘innovation and transformational’ plan will be an important component.
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