In a landmark achievement for Finacle, the core banking product by Edgeverve Solutions, a wholly owned subsidiary of Infosys, has successfully implemented the Finacle Core Banking Solution for Discover Financial Services (DFS) Personal Loans and Student Loans portfolios. This milestone was achieved on November 11, 2016, and November 12, 2017, respectively, following a successful go-live of Discover’s banking portfolio in the last quarter of 2014.
This implementation marks the first successful core banking transformation project for Finacle in North America, a notable achievement after previous attempts by several banks were halted due to functional deficiencies and challenges in custom implementation.
The integration has enabled Discover Financial Services to harness cutting-edge technologies in the core banking space, benefiting from distributed computing and efficient resource management in the cloud. This successful implementation has set a precedent for other American financial institutions, with several banks in the USA now moving forward with plans to implement the Finacle Core Banking Solution.
However, the journey to go-live for the Personal and Student loan portfolios was complex. The significant differences in loan products in the US and stringent regulatory requirements, including credit-bureau reporting, posed considerable challenges. Despite these hurdles, Discover and the Finacle team proudly reported a smooth implementation, attributing this success to effective system integration.
A key factor in this seamless integration was the involvement of Prasenjit Banerjee, an Integration Architect with practical Finacle development knowledge. Hired as Lead Integration Architect by Capgemini America, Banerjee’s expertise was instrumental in overseeing the project. His unique combination of hands-on experience as a Finacle product developer and implementation specialist was pivotal. Banerjee began his career at Infosys Technologies in 2008, where he played a crucial role in developing the Finacle Integrator module, which simplifies the integration of various software systems with Finacle.
Prasenjit Banerjee’s journey with Finacle began when he joined Infosys Technologies as a Software Developer in 2008. He was initially trained in Java, web-based technologies, and Finacle itself. During this time, Infosys was preparing Finacle for international markets, particularly North America. Recognizing the need for new features and capabilities tailored to the North American financial landscape, Banerjee was part of the core engineering team that developed the Finacle Integrator module. This module provided standard templates and frameworks to facilitate the seamless integration of various software systems with Finacle, eliminating concerns about underlying implementation details.
Banerjee’s significant contributions were acknowledged with multiple Finacle GEM awards. His work on the Finacle Integrator module, which orchestrates the flow of information between Finacle and other systems, equipped him with the expertise needed to establish robust communication between distributed computing systems and integrate high-end financial systems. This experience proved invaluable during the Discover implementation.
As Discover Bank went live with the Finacle Core Banking Solution, the expectation to extend this solution to Personal and Student Loans grew. The complexities of integrating with third-party loan origination and customer acquisition platforms were significant. However, thanks to the Finacle Integrator and Banerjee’s leadership, the team was able to navigate these challenges effectively.
Carlos Minetti, President of Consumer Banking at Discover Financial Services, highlighted the significance of this implementation: “Discover’s adoption of the Finacle solution is part of our continuous commitment to improving our customer experience. As our direct banking business grows, the Finacle platform will help us scale and optimize internal processes to keep pace with evolving consumer demands and market trends.”
Michael Reh, Senior Vice President and Global Head of Finacle at Infosys, commented on the broader implications: “Discover is leveraging Finacle to support business growth, enhance customer service, and integrate and automate Federal and State compliance requirements. The successful implementation shows that financial institutions in the US, burdened with inflexible legacy IT infrastructure, can deploy Infosys Finacle to achieve technology modernization, transform their business, and drive profitable growth.”
This successful deployment by Discover Bank exemplifies how Finacle is transforming the core banking landscape in North America, offering a model for other financial institutions to follow. Prasenjit Banerjee’s pivotal role in this success story underscores the importance of skilled integration architects in achieving seamless system integration and modernization in the banking sector.
