Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), announced on Wednesday it has formed a partnership with Moneythor, a Singapore-based data-driven digital banking provider to create a new integrated solution for personal financial management (PFM). Moneythor is also one of the companies that were recognized as part of the Finacle FinTech Connect, an initiative that builds on ongoing alliances and the Infosys Innovation Fund program to identify promising new fintech. It was revealed:
“With increasing demands from customers and businesses, many banks are struggling to provide contextual and proactive assistance across their digital channels. The new integrated solution will help banks to offer data-driven recommendations and smart Personal Financial Management (PFM) features within their existing online and mobile banking applications.”
The companies also reported that the new partnership will offer an engine to classify, analyze and augment transaction data in order to generate better insights for the banks and their customers. The integrated solution will then bring new interactive features and enriched transaction data, thereby enhancing customer engagement across digital channels.
“The solution can also be utilized by banks to publish tailor-made interactive content to assist customers with their money management needs, as well as providing contextual offers. Rule-based capabilities and statistical algorithms will allow the solution to deliver data-driven personalized recommendations and insights with a quick time-to-market.”
Speaking about the partnership, Sanat Rao, Chief Business Officer of Infosys Finacle, stated:
“At Infosys Finacle, we are committed to enhancing customer experience and providing continuous thrust on collaboration with our clients and partners. In pursuit of this, the FinTech Connect program helps us expand the innovation ecosystem and bring to the fore promising startups. Moneythor’s innovative offering will complement the Finacle suite of digital channel solutions, strengthening our value proposition and paving way for an improved digital banking experience for clients.”
Olivier Berthier, CEO of Moneythor, added:
“We are delighted to assist Infosys Finacle in creating more value for their banking clients through innovative capabilities powered by our Moneythor solution. We are always on the lookout for partners to combine their domain expertise and solutions with Moneythor. Infosys Finacle offers such an opportunity and we are looking forward to a productive partnership.”