The Co-operative Replaces Back Office with Finacle
The Co-operative Financial Services (CFS) has chosen Finacle Universal Banking Solution from Infosys to replace systems across its back office and channels in the corporate banking businesses. This initiative will include the implementation of Finacle core banking, customer relationship management (CRM), uniting CFS’ banking and insurance businesses, and e-banking solutions in the UK.
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. The selection process focused on acquiring a new generation platform to support the group’s objectives of product innovation and client-centricity, standardisation of platforms and processes, and scalability for future growth.
Clive Elliott, director of enterprise platform at CFS, said: “We selected Finacle as our 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. Infosys’s approach to sustainability was also important, given the importance we place in this area.”