Conversation with Senior Banking Specialist on how Banking Security regulations and system fixes are overdue

Banking Security regulations and system fixes are overdue according to a Senior Banking Specialist

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9 COMMENTS

  1. It looks like a tussle between cobol vs oracle..but actually it is much more complex. Primafacie the volume/traffic the banking software has to face in India with such a whopping size of existing network, carries its own issues and in a way unique in the world. to make the matter clear the small example is the account opening spree under financial inclusion and the insurance as a bait, really hit the banks hard and banks had to sit back to provide for additional digits to take on account number field to start with. Often oracle, networking,graphical inter-face(signature/photo capturing) are cited as modern and the people who decide at the banks happen to be bankers not software professionals and obviously get swayed by good marketing..On top of it, political bosses and vested interests also play a part.. at least on this occasion a comprehensive review is made across the board ..

  2. Venkat: the pgurus is veryuch right because did u know that the same finacle software was rejected for 3-4times by d same corpbank due to not having sufficient checks n balances n banker friendly interface? The finacle is being user trialed since more than 2 years and pgurus is right, I know this because I am working there n was working at an IT company before n a simple automation software can bring d bank to its knees. The old software was working in intranet but this sofware works on internet highway is very vulnerable to hacking. There are many huge n foundational problems found like u can use the same cheque for multiple transactions n d system allows it…

  3. My father was with Corp Bank till last year until his retirement for 30+ years. I showed this interview to him and he says it is an exaggeration. He agrees that laser soft was trouble free, but does not feel implementing Finacle has caused so much trouble. Infact Corp bank is on finacle only just above a year and not 2-3 years as claimed by the person interviewed.

    Infosys built a big client base out of Finacle. Do you feel even banks of other countries were subjected to a procurement scam ? Sorry to say this, but on this subject Pgurus has been way off mark.

    • Venkat: the pgurus is veryuch right because did u know that the same finacle software was rejected for 3-4times by d same corpbank due to not having sufficient checks n balances n banker friendly interface? The finacle is being user trialed since more than 2 years and pgurus is right, I know this because I am working there n was working at an IT company before n a simple automation software can bring d bank to its knees. The old software was working in intranet but this sofware works on internet highway is very vulnerable to hacking. There are many huge n foundational problems found like u can use the same cheque for multiple transactions n d system allows it…

  4. COBOL is not GUI friendly and database access is not built-in. ORACLE is a monster in terms of operational costs ( licensing, bug-fixes) and modern GUI front-ends have bugs. I always thought Infosys is full of hype and this Finacle proves it

    • Actually u r not fully right in here and the finacle and lasersoft’s software proves that, the lasersoft’s sofware was very robust, banker-friendly mainly secure n was working in bank’s intranet n not on internet highway as finacle which makes it vulnerable. Legacy was light weight and due to this it could handle more tasks and to do the same tasks finacle needs more computing power n so wastage of resources n therfore more cost of usage, one I agree with u the Cobol is not user friendly but that what makes it very secure n for a fact it was very much banker friendly….

  5. Finacle is a core banking product developed by Indian corporation Infosys that provides universal banking functionality to Banks. In August 2015, Finacle became part of EdgeVerve Systems Limited. Wikipedia
    Initial release: 1999
    Developed by: Infosys
    Written in: Java
    Stable release: 10.2.09 / November 1, 2011; 6 years ago
    License: Commercial

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