Welcome!

News Feed Item

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

NEW YORK and BANGALORE, November 30, 2016 /PRNewswire/ --

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.

     (Logo: http://photos.prnewswire.com/prnh/20151104/283829LOGO )

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."

About Marcus by Goldman Sachs 

Marcus by Goldman Sachs (http://www.marcus.com) provides products to help people manage their finances. The first product from Marcus is a fixed-rate, no-fee unsecured personal loan that enables customers to tailor their monthly payment options to fit their schedule and budget. Marcus, a brand of Goldman Sachs, benefits from the firm's 147-year history of financial expertise, risk management and customer service.

About EdgeVerve Systems Ltd 

EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients' growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying. 
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom.

Finacle, part of the product company EdgeVerve Systems, a subsidiary of Infosys (NYSE: INFY), is a universal banking solution, and the choice of financial institutions across 94 countries and serves over 848 million customers - estimated to be nearly 16.5 percent of the world's adult banked population. Over a billion bank accounts are powered by Finacle globally.

To know more, visit http://www.edgeverve.com

Safe Harbor 

Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2016. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is November 30, 2016, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
Though cloud is the future of enterprise computing, a smooth transition of legacy applications and systems is critical for seamless business operations. IT professionals are eager to start leveraging the cost, scale and other benefits of cloud, but with massive investments already in place in existing infrastructure and a number of compliance and resource hurdles, it can be challenging to move to a cloud-based infrastructure.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, will provide a fun and simple way to introduce Machine Leaning to anyone and everyone. Together we will solve a machine learning problem and find an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intellige...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, will describe how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launchi...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...