Infosys Wins Three Catalyst Awards at TM Forum Live

Awards for innovative prototype products & services for communication service providers

Infosys, a global leader in consulting, technology, outsourcing and next-generation services, today announced it participated in six of the 32 Catalysts at TM Forum Live – winning three of the seven Catalyst Awards at the annual flagship communications industry event, held in Nice, France. The Awards recognized Infosys’ open innovation to co-create commercially viable prototypes of new digital services and business models.

The three winning Catalysts:

A platform for IoT and Anything as a Service: This Catalyst focused on how operators can attract ecosystem partners to co-create new digital services beyond connectivity through the platform business model. Infosys worked with Vodafone and was recognized for its outstanding performance. The focus was on delivering agility, experience and efficiency to communication service providers and exposing TM Forum Open APIs to third party developers to create new revenue streams enabled by network slicing, edge computing and a service marketplace.

“This Catalyst has brought several leading industry players together to show how platform business models together with orchestration and closed-loop assurance can deliver innovative new services and new revenue streams to our industry,” said Dr. Lester Thomas, Chief Systems Architect, Vodafone Group. “Infosys played an invaluable role in the overall architecture, and in particular, defining the Open APIs and contributing enhancements to the Open API programme.”

Joint Agile Delivery – Phase II: In this Catalyst, Infosys was recognized for ‘Outstanding Use’ of TM Forum Assets and worked with AT&T, Orange, Telecom Italia. This Catalyst has been recognized for continuing efforts towards contributing APIs and processes to TM Forum and has a vision for a ‘standardized and platform-based’ approach to developing and delivering world-class software that capitalizes on cross-organizational synergies to dramatically improve time to market, quality and cost.

“Seamless Joint Agile Delivery across complex partner ecosystem is going to be key for rapid service innovation, delivery and operations. Infosys, along with other major industry partners, collaborated on this catalyst to provide a standardized and platform based approach for service validation and service assurance for Virtual Network Functions (VNFs) and associated Network Services from different suppliers,” said Michel Valette, Tests and Diagnostics Domain Manager, Orange & Stream Leader, Operations Centre of the Future, TM Forum. “Infosys leveraged their rich capabilities on machine learning and artificial intelligence to provide closed loop adaptive service assurance for dynamic network services coming from different partners.”

Logical Factory: Virtualizing Manufacturing for Agility: This Catalyst, developed with BT, Telecom Italia and TWI, built on a prior award-winning Catalyst – the Smart Industrial Manufacturing: Robots as a Service, which demonstrated the use of TMF’s Open-APIs in the Industrial Internet-of-Things domain to order and configure Robots-as-a-Service. In this enhanced version, the scope was expanded to the entire manufacturing and maintenance process lifecycle. TM Forum recognized this Catalyst project in the category for ‘Outstanding Ecosystem Design’ using CurateFx – TM Forum’s digital ecosystem design and management SaaS solution.

“We thank Infosys for being a key participant in our recent ‘Logical Factory – Virtualizing Manufacturing for Agility’ catalyst project which was demonstrated at the TM Forum Live! 2017. Infosys’ contribution in this project enabled us to evolve in our approach to utilize innovative thinking around Industry 4.0, IoT, and connectivity to overcome current challenges in various manufacturing industries. Infosys’ commendable effort and focus in developing the concept played a key part in the team winning the ‘Outstanding Ecosystem Design Using CurateFx’,” said Darren Williams, Welding Systems Lead, TWI.
TMF Catalysts are quick, member-driven, proof-of-concept projects which leverage TM Forum’s best practices and standards, connect service providers, technology suppliers, and global enterprises to create innovative solutions that address industry challenges. More than 100 member companies participated in the 2017 Catalyst projects which spanned across Open APIs, SDN & NFV, digital health, data monetization, customer experience management, smart cities, the Internet of Everything among others.

Nik Willets, Chief Executive Officer, TM Forum said, “Infosys has made significant investments to enhance its knowledge base in new and emerging technologies. Winning three awards for Catalyst projects proves that Infosys is a knowledge partner capable of defining next-generation products and services for communication service providers. The company is also an early adopter of TM Forum’s Open API initiative.”

Mr. Rajesh Krishnamurthy, President and Head of Energy, Utilities, Telecommunications and Services, Infosys said, “We are focusing on developing new technologies and opening new revenue streams for CSPs. We embarked on this journey by being the first systems integrator to sign up for TM Forum’s Open API initiative. Our technology focus and collaboration with like-minded partners is accelerating innovation and delivering results. The three awards for catalyst projects at TM Forum Live! demonstrate our commitment to delivering innovative products and services to our clients.”

Infosys Announces Strategic Alliance with HP Inc. to Accelerate Digital Transformation for the Enterprise

Infosys (NYSE:INFY) and HP Inc. today launched joint Retail Point of Sale (RPOS) and Enterprise Device as a Service (DaaS) solutions to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program.

The joint RPOS solution offers a digital approach across the supply chain, enabling real-time collaboration between shoppers, retailers and vendors at the point of purchase, providing a true omni-channel experience. The joint Enterprise Device as a Service solution defines and delivers technology-enabled transformations that optimize how organizations acquire, manage and use devices with end-to-end services, enterprise applications, fleet reporting, analytics, insights and more.

“Together, HP and Infosys can improve end-customer experience, while forging deeper, more valuable relationships with joint customers across industries, enabling them to embark on their own business reinvention journeys,” said Jon Flaxman, Chief Operating Officer, HP.

“The launch of the RPOS and Enterprise DaaS solutions validates our joint vision with HP for revolutionizing the retail industry through constant innovation, and deep analytics,” said Sandeep Dadlani, President and Head of Americas, Infosys. “Digital transformation is being steadily embraced by businesses and as this transformation evolves further, we will continue our focus to create newer experiences across industry segments.”

MauBank Adopts Infosys Finacle Leasing Solution to Drive Business Growth

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and MauBank, a leading bank in the Republic of Mauritius, today announced the bank’s successful adoption of Finacle’s Leasing Solution for its strategic leasing services business. MauBank’s leasing system will run on a single platform that enables higher operational efficiency, reduced costs and an enhanced banking experience for its customers.

The merger of Mauritius Post and Cooperative Bank (MPCB) and National Commercial Bank (NCB) in January 2016 created the new MauBank, which is powered by Infosys Finacle Solutions that includes Core Banking, Online Banking, Treasury and Alerts. Furthermore, NCB’s subsidiary Mauritius Leasing Company, offering leasing products, was also integrated into MauBank and the Finacle Leasing Solution was chosen to replace its earlier legacy third-party platform.

Highlights:
· The implementation was completed in 10 weeks, with zero impact on ongoing customer services
· The bank has increased operational efficiency by over 40 per cent with the optimization of processes through the Finacle Leasing Solution
· With the new solution, the bank has eliminated duplicate systems and unified various components, achieving a 20 per cent saving in maintenance costs
· Automation of processes like statement generation, late fee computation and reconciliation, among others, have resulted in a significant drop in human error and person dependencies
· Integration of the new leasing solution with rest of the enterprise applications has ensured consolidation and optimization of customer data into a single source. This supports faster resolution of customer requests and enables the bank to make targeted offerings, thereby improving the end customer experience significantly

Quotes:
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle:
“Simplifying the technology footprint is a critical step in renewing legacy systems and moving towards a truly digital banking experience. Following the merger, MauBank has been very progressive in its decision to consolidate and modernize its banking systems. The latest step towards a unified platform for their leasing services will ensure a sound technology foundation for the bank, enabling growth, profitability and a smarter banking experience for its customers.”

Sayyad Khodabocus, Head – IT Applications, MauBank:
“MauBank is committed to being the most progressive and preferred bank in Mauritius. Our aim of ensuring world-class banking services along with industry leading growth, is tied to consolidating our operations on best of breed banking platforms. We believe the Finacle Leasing Solution will help us scale our leasing operations and boost productivity, thus positioning the service line as a key business driver.”

AI Adoption Driving Revenue Growth for Businesses; Leadership on Workforce Implications Vital – Infosys Study

· AI Maturity Index reveals early adopters already reaping rewards
· AI adopters expect 39 percent revenue rise by 2020
· 80 percent of AI adopters replacing roles will retain and retrain employees

Infosys (NYSE: INFY), a global leader in consulting, technology, and next-generation services, today released multinational research findings on artificial intelligence (AI) business impact, market maturity and expectations. The research report, Amplifying Human Potential: Towards Purposeful Artificial Intelligence, polled 1,600 senior business decision makers at large organizations across the world.

The report revealed a clear link between an organization’s revenue growth and its AI maturity: Organizations who report faster growth in revenue over the past three years were also more likely to be further ahead when it comes to AI maturity. AI is perceived as a long-term strategic priority for innovation, with 76 percent of the respondents citing AI as fundamental to the success of their organization’s strategy, and 64 percent believing that their organization’s future growth is dependent on large-scale AI adoption. While there are ethical and job related concerns – 62 percent believe that stringent ethical standards are needed to ensure the success of AI – most respondents seem optimistic about redeploying displaced employees with higher value work. The majority, 85 percent, plan to train employees about the benefits and use of AI, and 80 percent of companies replacing roles with AI technologies will retrain or redeploy displaced employees.

Sandeep Dadlani, President & Head of Americas, Infosys, said, “Artificial Intelligence (AI) adoption is on the rise and we are excited to see the investments in AI that businesses are gradually making to derive meaningful and creative change. The achievements are remarkable and the opportunities AI is bringing forth are vast. As we are seeing AI mature and gain momentum, our research shows that the next four years will witness further spikes in interest, and general bullishness about the significant value and benefits that can be obtained through AI adoption. As an industry therefore, we must take necessary steps to ensure AI is developed morally and ethically across every part of society and that employees are actively engaged and provided with the necessary training to be central to this journey.”

Key research findings:
· Businesses expect noticeable AI adoption and growth by 2020: Organizations that have already deployed or have plans to deploy AI technologies expect to see a 39 percent average increase in revenue by 2020, alongside a 37 percent reduction in costs. 76 percent of IT and business decision makers see AI as pivotal to the success of their organization.
· Businesses plan to invest in skills development: In 80 percent of cases where companies are replacing roles with AI, organizations are redeploying or retraining staff to retain them in the business. Furthermore, 53 percent are specifically investing in skills development. Organizations that have fewer AI related skills are more likely to re-deploy workers impacted by AI adoption, whereas those with more AI-related skills are more likely to re-train employees, according to the study. The leading industries that plan to retain and retrain their workers are: fast-moving consumer goods (94 percent); aerospace and automotive (87 percent); energy, oil and gas (80 percent); and pharmaceutical and life sciences (78 percent). The research reveals AI will cause greater investment in workforces, specifically China (95 percent), France (90 percent), Germany (89 percent), the UK (82 percent), and the US (76 percent).
· Addressing ethical concerns is essential for AI success: Two-thirds of those surveyed have not fully considered the ethical issues related to AI, such as employee concerns about handing over control, and industry regulations. Further, 90 percent say their organization’s employees face challenges or concerns with AI adoption, and 88 percent report challenges or concerns from customers and suppliers. In total, 53 percent agree that ethical concerns are a significant obstacle to effective application of AI technology.
· Market and Industry results show differences: Based on the responses, companies in India and China are much more likely to state that they are ahead of their industry competitors when it comes to AI use, followed by Germany, the US, UK, France. Fast moving consumer goods (57%) and telecoms (48%) are much more likely to report that they have already felt AI disrupting their sector. Pharmaceuticals and life sciences reported the widest usage of AI technologies that are working according to their expectations, leading to the highest AI Maturity Index scores by industry.
· Businesses are at the start of their AI journey: Only one in ten respondents that have deployed AI technologies believe that their organization is fully maximizing the current available benefits and capabilities of AI. The majority (90 percent) report that their organization’s employees face challenges or concerns relating to the adoption of AI. Around four in ten respondents believe that the time to implement, ease of use and the interoperability with other systems and platforms are areas of AI that require the most improvement before it can be effective in their organization. There are also areas of AI adoption that need to be addressed with training, education and transparency in the workplace. Safety of data (43 percent), job security (40 percent) and pay rates (30 percent) are the foremost areas of workforce concern despite the broadly positive outlook for AI adoption.

Other key research findings include:
· AI in action: Big data automation (65 percent) and predictive/prescriptive analytics (54 percent) are the primary AI applications today. On average, the companies surveyed have invested $6.7 million in AI in the last year, and have been actively using AI for an average of two years. The IT department is the leading adopter (69 percent), followed by operations (34 percent), business development (33 percent), marketing (29 percent) and commercial, sales and customer services (28 percent).
· Risk and reward: 71 percent agree the rise of AI in the workplace is inevitable, citing positive change for business prospects, employees and society. However, over half (51 percent) admit that cost reduction is an area of AI that requires the most improvement before it can be effective for their organization.
· Deployment: 88 percent also report that their organization’s customers and suppliers face challenges and concerns relating to the adoption of AI. Four in ten point to a lack of understanding of the benefits and intended uses for it, while 38 percent flag a general mistrust of the technology. A similar number (37 percent) indicated their preference to work alongside and interact with human workers rather than machines.

Overall, the study demonstrates the role AI can play in business growth, create opportunities for people to do more than what their current job and education enables, and drive long term macro environment benefits. Decision makers believe AI will bring out the best in their organization’s people (65 percent), and feel it can deliver positive societal (70 percent) and economic (76 percent) change.

For a full copy of the report and AI maturity index, please visit: Infosys.com/AImaturity

METHODOLOGY –
The research report, Amplifying Human Potential: Towards Purposeful Artificial Intelligence, commissioned by Infosys and conducted by independent research agency Vanson Bourne, polled 1,600 senior business decision makers at large organizations across seven markets.

For the purposes of this research, AI was defined as an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with AI are designed for include speech recognition, learning, planning and problem solving. Examples of applied AI technologies include but are not limited to: machine learning, predictive/prescriptive analytics and avatar technologies.

Infosys Announces Internal Carbon Price

Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced its internal carbon price at $10.5 per ton of CO2e, at an event organized by the Carbon Pricing Leadership Coalition (CPLC) in Zurich. A significant milestone for Infosys, the price will be applicable for a period of two years and will represent the cost of decarbonizing 1 ton of CO2e.

Infosys has been working towards building a clean energy future and has been on track to meet its commitment of becoming carbon neutral in 2018. The company has implemented a three-pronged strategy to go carbon neutral: energy efficiency, renewable power, and emission offsets. In addition, Infosys has also committed to reduce its per-capita electricity consumption by 50% from the 2008 level and use 100% renewable power for electricity by 2018.

Infosys derived its internal carbon price based on its program to completely decarbonize under the carbon neutral commitment. The carbon price announced today is a weighted average of the prices of carbon under the energy efficiency, renewable energy, and emission offset levers. The price of carbon under each lever was estimated based on the company’s past and ongoing investments in the area.

Speaking at the event, Sandeep Dadlani, President and Head – Americas, Infosys said, “We recognize that global warming is the biggest threat the world is facing today. We understand the significance of the 20C global warming limit under the Paris Agreement. For Infosys, by putting a price on carbon, we have further cemented our commitment to become carbon neutral. As a responsible company, we are very proud to be one among a handful of companies in the world to announce an internal carbon price. We hope that it becomes a global movement and helps save the planet by keeping global warming under 20C.”

Putting a price on carbon is akin to the concept of ‘polluter pays’. Infosys now has the option of using the internal carbon price as a basis to internally raise funds from businesses or departments and use the funds for corporate emission reduction programs. The internal carbon pricing exercise itself gave us deeper insights into the various pathways to reduce emissions and their relative merits and effectiveness.

CPLC, launched during the COP21 in Paris, is working with corporates and governments to advance the concept of carbon pricing. The Paris Agreement reached at the COP21 commits to limit global warming to well below 20C. That calls for an unprecedented and drastic cut in global greenhouse gas emissions, transitioning into a low carbon economy and moving toward a carbon neutral economy by the end of the century. Experts believe that the success of such a transition lies in putting a price on carbon. Infosys joined CPLC in 2016.

Infosys inducted into the ‘Winner’s Circle’ in the HfS Product Lifecycle Management Services Blueprint Report 2016

Infosys has been inducted in the ‘Winner’s Circle’ of the 2016 Product Lifecycle Management (PLM) Services Blueprint Report by HfS Research. According to the report, Infosys has demonstrated excellence in execution and innovation among 13 PLM service providers who were evaluated and reviewed for the plan, implementation, management and optimization services across different PLM software applications.

The report describes the Winner’s circle to include players that exhibit: “Collaborative relationships with clients, services executed with a combination of talent and technology as appropriate, and flexible arrangements” on the Execution front and “Articulate vision and a new way of thinking, have recognizable investments in future capabilities and strong client feedback and are driving new insights and models” on the Innovation front – the two axes of the research evaluation. The report validates Infosys capability to deliver transformational benefits to clients and also endorses the company’s strong digital manufacturing vision with a focus on making investments in tools and accelerators.

The report recognizes Infosys for:

· A strong vision for a possible disruption in PLM Services by cloud, mobility and IoT technologies
· Investing in solutions that will help its clients accelerate their journey to the digital manufacturing and Industry 4.0 solutions leveraging digital thread
· Strong delivery capability across the PLM value chain with strong offerings in some industry verticals such as industrial equipment, electronics, medical devices retail, and Consumer Packaged Goods (CPG)
· A strong geographical spread with 20+ PLM delivery centers covering all major regions, including North America, Latin America, Europe, and Asia-Pacific

Quote:
Pareekh Jain, Research Vice President, HfS Research – The Services Research Company™
“Infosys PLM services has consistently demonstrated excellence in delivering value to its clients. Infosys has made substantial investments in digital technologies/services that will help enable clients accelerate their journey to the digital manufacturing and Industry 4.0 solutions. Summarily, clients confirm that they have benefited from Infosys PLM expertise.”

Marcus by Goldman Sachs Deploys Finacle Solution on Cloud for its New Online Lending Business

Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), announced that Marcus by Goldman Sachs has implemented the Finacle Core Banking Solution for its consumer lending operations. Marcus, a brand of GS Bank, has deployed the Finacle solution to manage the complete consumer loan-servicing life cycle. The fully cloud-based model, hosted by Goldman Sachs, allows Marcus to achieve the necessary scale as well as provide enhanced functionality, business confidence and security to its consumers.

Highlights:
· Comprehensive research was conducted by Goldman Sachs to understand consumer preferences around unsecured lending and borrowing priorities. Marcus then used these insights to design differentiated consumer lending products on the Finacle solution.
· Marcus is now able to deliver extensive self-service capabilities on digital channels to design truly personalized products. The system will give end-consumers the flexibility to choose lending terms such as repayment amount and tenor.
· Marcus has designed and built modern technology operations by ensuring straight-through-processing across digital channels to the Finacle solution. Leveraging Marcus’ technical architecture, the Finacle solution optimised using the RESTful APIs and process orchestration capabilities.
· The entire program was completed in just eight months, leveraging the agile implementation framework and the pre-configured US-compliant Finacle Core Banking Solution. The solution provided out-of-the-box compliance for federal and state regulations, thus removing the potentially high cost and lengthy timeline of building a fully-functional, compliant technology platform in-house.
· The Finacle solution provides a 24/7, real-time, scalable platform which has helped to enable Marcus to create products, open accounts and manage the entire loan-servicing lifecycle, including payments, whilst ensuring a superior customer experience.
· Finacle’s open architecture, integration capabilities and scalability seamlessly aligned and became part of Goldman Sachs’ wider ecosystem of enterprise applications.

Quotes:
Sanat Rao, Chief Business Officer and Global Head, Finacle:
“Marcus by Goldman Sachs is displaying exemplary vision in creating new business opportunities by leveraging modern technology. With the Finacle solution, a real differentiated capability has been achieved by delivering personalized offerings and providing a customer experience to compete with traditional banks and new-age alternative lending providers. The implementation once again reiterates Finacle’s industry strengths to enable fast and low-risk digital transformation for financial institutions.”

Boe Hartman, CTO, Marcus by Goldman Sachs (Digital Finance Technology):
“With the successful deployment of the Finacle Core Banking Solution we have the agility to respond to customer needs, the scalability to adapt with market requirements while providing the superior customer experience required in today’s competitive digital age.”

Rajyotsava Sambhrama at Infosys Bangalore DC

Infosys Bangalore Development Center (DC) hosted ‘Rajyotsava Sambhrama’, a weeklong celebration of Karnataka Rajyotsava amid much fanfare at its campus. Organized under the flagship of the ‘Sirigandha’, an employee volunteer group, this is the ninth consecutive year of the successful Rajyotsava Sambhrama celebrations.

The weeklong celebration was a combination of employee engagement activities such as an online quiz that tested the Karnataka-Quotient of Bangalore DC Infoscions, ‘Click Karnataka’ – a photography contest where photographs were captured with a theme – ‘Essence of Karnataka’, a poetry competition and a short movie competition. Karnataka food festival along with ‘Karnataka Parichaya’ exhibition were organized to showcase the various culinary specialties from various parts of the state. Stalls representing Brand Karnataka – Mysore sandal soaps and perfumes, Dharawad Mishra Pedha, Channapattanna toys, Kodiyala Handloom sarees from Mandya, and United Squares T-shirts were also put up providing ‘Karnataka Darshana’ – a glimpse of Karnataka to the employees.




To commemorate the occasion, a 25 ft larger than life model of Mahishasura (Mahishasura statue on the Chamundi hills in Mysore) was installed at the Infosys lawns. The model, a continued tradition of similar installations from over the years, was created by members of Sirigandha with scrapyard materials.

Two evenings of extravagant cultural programs on November 16 and 17 were the showstoppers for the celebrations. The guest of honor for the evening was Dr. Narayana Reddy, recipient of the prestigious Nadoja award and a renowned ecological farmer who practices organic farming. Two renowned artists of the Sandalwood industry, Sri Srinath and Rakshith Shetty were the chief guests for the evening. The cultural programs of the evening included a classical dance performance, an enthralling music concert by Pancham Halabandi, a play, ‘Saayo aata’, directed by the famous Kannada artist Mandya Ramesh and a stand-up comedy show by the renowned comedian, Prof. Krishne Gowda.

Infosys Foundation Invests in IUCAA to Support Advanced Instrument Development and Scientific Discoveries

Infosys Foundation, the philanthropic arm of Infosys has announced that it has signed an Memorandum of Understanding (MoU) with the Inter-University Center of Astronomy and Astrophysics (IUCAA) through an endowment worth INR 6.5 Crores to build a novel and powerful instrument called Wide Area Linear Optical Polarimeter (WALOP). According to the MoU, the endowment from the Foundation will also be used to boost support for international travel, post-doctorate fellowships and thematic workshops amongst researchers of IUCAA.

The Inter-University Centre for Astronomy and Astrophysics (IUCAA), is an autonomous institution set up by the University Grants Commission (UGC) of India to promote the nucleation and growth of active groups in astronomy and astrophysics at Indian universities. Through this partnership, Infosys Foundation intends to provide impetus to IUCAA’s objective of developing a number of advanced and unique instruments for astronomy. WALOP, the instrument that the endowment will support is currently at the design stage at IUCAA’s instrumentation laboratory. It will be used to measure polarization caused by interstellar dust and to map the distribution of dust in the Milky Way Galaxy. The instrument’s uniqueness is in the combined strengths of very wide field polarimetry, high sensitivity and single shot measurement ability.

Speaking about the endowment, Mrs. Sudha Murty, Chairperson of Infosys Foundation, said, “Astronomy fuels the most basic of human curiosity and seeks answers to elementary questions related to the origin of our universe. Historically, ancient Indian scientists like Varahamira and Aryabhatta contributed immensely to the field of astronomy. The Foundation is excited to collaborate with IUCAA, an institute dedicated to the study of Astronomy and Astrophysics, in their endeavor of developing a new instrument that will greatly benefit the research community. Through this endowment, we also aim to provide the stimulus to create a globally competitive scientific environment at IUCAA by enabling the researchers to engage with the best in the business at international meetings, colloquia and workshops.”

Subsequent to funding from Infosys Foundation, IUCAA has been successful in garnering funding for the project from reputed international organizations such as the National Science Foundation of USA, the Stavros Niarchos Foundation of Greece and National Research Foundation of South Africa.

“The instrument proposal has gone through reviews in four continents starting with Infosys Foundation in India and has succeeded in all of them. We thank Infosys Foundation to be the first to recognize our proposal worthy of funding which has enabled us to develop the breakthrough technology needed for building this instrument and carry out potentially transformational scientific ventures. We are entering unchartered waters here and Foundation has shown their confidence in supporting exploration of new domains,” said Prof. A. N. Ramaprakash, Principle Investigator of the project, IUCAA.

“It is important for us to showcase our unique capability and innovation in order to gain the confidence of the international community in a competitive market. At IUCAA, Professor A. N. Ramaprakash and his team have been working on designing several such innovative instruments, and the support of the Infosys Foundation has been essential for us to develop such ideas into reality,” said Prof Somak Raychaudhury, Director, IUCAA.

Digitization and Disruptive Technologies spurring Banks to invest in New Business Models

Infosys Finacle-Efma research shows 78 percent of banks becoming more customer centric through reimagining banking practices

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), and Efma, a global not-for-profit organization today launched the eighth annual study of ‘Innovation in retail banking’. The research revealed that 77 percent of banks regard the threat from technology companies, start-ups, retailers and/or telecom players as high or very high. Over half now consider the threat from technology companies and start-up challenger banks as significant.

However, the research, in which 158 banks from 56 countries participated, showed that banks have largely embraced digitization and are aggressively adopting new technologies in order to innovate. The proportion of banks with an innovation strategy has increased to 74 percent in 2016, from only 37 percent in 2009. In addition, banks are now more likely to collaborate with startups in order to stay competitive, with nearly three quarters (73 percent) seeing them as the best way to leverage new technologies.

Key findings:
· The vast majority (86 percent) of banks believe that emerging competitors will have a significant impact in the payments area
· Additionally, 73 percent of banks consider working with innovative start-ups as the best approach to access disruptive technologies. Meanwhile 41 percent are collaborating with startups as suppliers, 32 percent are making direct investments into startups, and 27 percent are running accelerators and incubators
· For half of the banks surveyed, legacy technology environments are the biggest barrier to digital transformation, followed by a lack of unified vision (44 percent) and a lack of skills and expertise (38 percent)
· Three quarters (74 percent) of banks now have an innovation strategy in place and more than two-thirds (69 percent) believe they are becoming more innovative; but the proportion of banks increasing innovation investment has fallen to 78 percent from 84 percent last year
· The most disruptive new technology for banks is advanced analytics and big data, with 79 percent of banks claiming it is having a significant impact now or will have within in the next two years. This is followed by mobility and wearables (75 percent) and open APIs (69 percent)
· A fifth of banks are launching or considering launching a digital only bank as a strategy for dealing with digital transformation
· Open API Technology is seen as a major development that will have a high impact on the industry over the next two years, especially with local compliance forcing banks to open their payment systems

Quotes:
Vincent Bastid, CEO, Efma:
“This year’s global banking study shows that banks have resolutely turned to start-ups to drive their own digital transformations. However, banks are being held back by old legacy systems and are still divided on where and how much to invest. Banks should think globally and embrace new ways of doing business.”

Sanat Rao, Global Head of Infosys Finacle, EdgeVerve:
“Changing customer preferences, rapid evolution of technology and pressures from outside of the traditional banking world are accelerating a major transformation of the banking industry. The confluence of these forces is putting digitization at the center of technology renewal, enabling multi-channel touch-points for superior customer service. From the research findings and customer interactions, it will likely be the development of open API’s, AI and blockchain that shall cause the next big change in banking.”