Infosys (NSE, BSE, NYSE: INFY), a global leader in nextgeneration digital services and consulting, today announced that it has been ranked number 1 in the 2021 HFS Top 10: Banking and Financial Services-The Best of the Best Service Providers report. Infosys was recognized for helping banking and financial services (BFS) firms bridge the gap between operations efficiency, revenue growth, and digital experience in a seamless and time-bound manner.
HFS Research assessed and rated the industry-specific service capabilities of the top 10 leading service providers in the world, across criteria that included: a defined series of execution, innovation, OneOffice alignment, and voice of the customer. Infosys was distinguished for the breadth of its global operations and resources, supplemented by BFS capabilities as part of Infosys Cobalt, its extensive partner ecosystem, and 14 CoEs spread globally as co-innovation centers and design studios. The report called out Infosys’ flagship internal IP and technologies such as the Infosys Banking API Platform (IBAP), Infosys Text Analytics Platform (ITAP), Mortgage Servicing Solution (MOSS), Infosys Transaction Reconciliation System (ITRS), Infosys Smart Banking Suite, and Infosys Finacle.
The assessment highlighted Infosys’ strengths in the following areas:
– Approach to BFS: Infosys’ dual approach of optimizing and transforming the bank along with its ability to execute on the promise, often through large deals and intra-account expansion, helped the company grow despite the pandemic
– Growth: Infosys has been doubling down on retirement segments, diligently delivering and creating a retirement CoE, and offerings to benefit other clients while making strong headway with regional banks
– Contribution of BFS to overall business: With over 50 percent as digital revenue, BFS is Infosys’ largest industry segment, contributing 27 percent to the overall revenue
– OneOffice alignment: Infosys’ journey to becoming a digital organization through its Live Enterprise approach aligns closely with HFS’ OneOffice model, enabling it to better understand and support customer transformation needs
– Segment-specific solutions: Infosys’ co-creation with key clients has enabled Infosys to prove out the linkage between optimization and transformation and successfully deliver both. Once proven, Infosys productizes and offers segment-specific solutions to other clients
– Customer kudos: Clients regard Infosys as a partner with a deep understanding of their needs, and a duality of execution and innovation excellence.
The study’s lead author, Elena Christopher, SVP at HFS Research, said, “Congratulations to Infosys on securing the #1 position, successfully defending its title from 2019. It was a hard fought battle between them and a best of the best peer group. What helped Infosys prevail across our four evaluation pillars of Execution, Innovation, OneOffice alignment, and Voice of the Customer was essentially continued investment and refinement of its capabilities leading to great client wins, expansions, and ultimately delighted customers reaping the benefits of business outcomes. We specifically took note of its growth throughout the pandemic, ongoing investment in onshore and nearshore regional operations, big deal wins complemented by wins with regional and mid-tier banks.”
Commenting on the recognition, Mohit Joshi, President, Infosys, said, “BFS companies globally are looking to modernize their business-critical applications through cloud technologies to bridge the gap between operations efficiency, revenue growth, and digital experience. However, driving differentiation as a provider of IT and business process services to the BFS sector is not an easy feat. Obtaining the top spot in HFS Research’s report endorses our deep domain expertise, strong global presence, and robust delivery and innovation capabilities to deliver segment-specific optimization and transformation solutions for BFS clients. Our collaborative ecosystem approach and endeavor in realizing simplification, agility, and active participation in BFS ecosystems through digital transformation, modernization initiatives, and partnerships will continue to foster exponential speed, value, and client confidence.”
Shares of Infosys Ltd was last trading in BSE at Rs. 1706.5 as compared to the previous close of Rs. 1730. The total number of shares traded during the day was 94610 in over 5305 trades.
The stock hit an intraday high of Rs. 1735 and intraday low of 1704.75. The net turnover during the day was Rs. 162094779.