Infosys to transform Bank of Sydney’s services with its Finacle digital banking suite on AWS cloud

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Bank of Sydney (BoS) on Wednesday (May 21) announced its decision to adopt the Infosys Finacle digital banking suite to support digital transformation.

Infosys said in a filing to the stock exchanges on Wednesday that the deployment will be carried out in a Software-as-a-Service (SaaS) model on Amazon Web Services (AWS) Cloud.

Under the collaboration, Bank of Sydney aims to enhance customer and staff experiences, reduce cost and complexity through automation and digitisation, and strengthen its position for future growth, Infosys said in a stock exchange filing.

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The Finacle suite includes core banking, digital engagement hub, online banking, mobile banking, and digital onboarding solutions.

"At Bank of Sydney, our strategic goal is to become the leading deposit bank in Australia and to drive significant business growth in the coming years. This requires adapting to rapidly changing customer needs, digital advancements, and regulatory requirements. Transforming our technology stack, centred around our core and digital banking platform, is crucial to meeting these objectives. With Infosys Finacle, we have a proven transformation partner and a next-generation banking platform to address the evolving needs of our business, customers, and regulatory ecosystem," Melos Sulicich, Chief Executive Officer of Bank of Sydney, said.

Infosys said that implementation is expected to accelerate transformation through the Finacle Reference Bank, a pre-configured solution tailored for the Australian market, simplify the bank’s IT landscape by retiring multiple legacy applications, and enable innovation at scale via configuration-driven product development and open API integration.

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The AWS cloud deployment will support dynamic scaling to accommodate business growth.

"With Infosys Finacle’s advanced cloud-native suite on AWS, Bank of Sydney will benefit from a modern, customer-centric digital banking platform, enabling better engagement, innovation and operation," Sajit Vijayakumar, Chief Business Officer and Global Head, Infosys Finacle, said.

Shares of Infosys were trading 0.56% higher at ₹ 1,569.15 apiece on the BSE at around 10.35 am.

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