Goldman Sachs' Marcus To Deploy Finacle On Cloud
EdgeVerve Systems [part subsidiary of Infosys] owned Finacle announced that Marcus, a brand owned by Goldman Sachs, will be deploying their Core Banking Solution, for the consumer lending business. Marcus has deployed the solution with the aim of helping manage the 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.
Sanat Rao, Chief Business Officer and Global Head, Finacle, said “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.”
In order to implement the solution on the cloud, Goldman Sachs had done a through study and analysis, to gauge what the consumer were actually on the lookout for, especially into areas like unsecured lending and borrowing priorities. From the analysis of the feedback, they then went on to design differentiated consumer lending products on the Finacle solution. This will now help Marcus 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. Boe Hartman, CTO, Marcus by Goldman Sachs said, “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.”
According to the company, 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, said the statement.
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. Its open architecture, integration capabilities and scalability seamlessly aligned and became part of Goldman Sachs’ wider ecosystem of enterprise applications.
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