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Infosys Boosts SMEs With Banking Software

The India-based information technology company announced the launch of its Finacle SME Enable service, which helps banks to better serve and support small- and medium-sized business enterprise (SME) customers.

“The first-of-its-kind, mobile-based financial and business management solution is exclusively designed to help SMEs not only experience banking services on the move, but also manage their business operations efficiently,” the company release said.

Infosys’ unified SME Enable application offers services, both banking and non-banking, which are aimed to help SMEs run and grow their businesses more efficiently. Some of theses featured services include automated banking transactions in supply chain, credit management, social connect, enterprise setup, integrated tools for financial management, and advice channels.

“SMEs today constitute a significant share of gross domestic product (GDP). Convenient banking services as well as agile and cost-efficient operations are key growth drivers for this segment,” Michael Reh, senior vice president and global head of Infosys’ Finacle, said.

By utilizing SME Enable, banks will be better equipped to provide small- and medium-sized business enterprise customers with real-time access to account information and day-to-day business operation and financial management tools.

“Banks have a great opportunity to gain a loyal customer base in this segment by providing relevant digital banking solutions, along with an integrated support for their business needs. Finacle SME Enable fits right into this niche and can be a game changer for banks,” Reh added.

The program will also integrate with Infosys TradeEdge, a cloud-based retail trade platform, which clients can use to access visibility into inventories and sales transactions, along with seamless incorporation of banking services.

The company statement explains the higher degree of self-service and efficiency SME customers will be provided through SME Enable, while banks offering the service may see reductions in the amount of time and effort needed to effectively serve this specific segment of customers.

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