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<a href="http://www.businessinsider.in/searchresult.cms?query=Sanjay+Purohit&amp;sortorder=effectivedate">Sanjay Purohit</a>, executive vice presidents and former head of consulting at <a href="http://www.businessinsider.in/searchresult.cms?query=Infosys&amp;sortorder=effectivedate">Infosys</a> has resigned, as confirmed by the company. This makes Purohit the 7th top executive to quit since <a href="http://www.businessinsider.in/searchresult.cms?query=Vishal+Sikka&amp;sortorder=effectivedate">Vishal Sikka</a> came on board the <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> headquartered IT giant. 
 Purohit was formerly the head of the <keyword id="2237108" type="UNKNOWN" weightage="20" keywordseo="Edgeverve">Edgeverve</keyword> unit of the company. Later, he was shifted to the US last year to head the company's consulting division. 
 
After <a href="http://www.businessinsider.in/searchresult.cms?query=Manish+Tandon&amp;sortorder=effectivedate">Manish Tandon</a>, who was EVP and head of healthcare and lifesciences, Purohit becomes the latest high ranked executive to move out. While IT sector analysts suggest this kind of movement in the top ranks is a matter of concern, <keyword id="281963" type="PERSON" weightage="20" keywordseo="Sikka">Sikka</keyword>, brushed away those worries during his meet with analysts last month. 
 
He, at the analyst event also announced that the company was splitting into smaller units with $500-700 million in revenues to be able to grow faster and build management capabilities.

After Manish Tandon, Sanjay Purohit becomes the 7th top
executive to leave Infosys since Vishal Sikka joined

Some of you might have heard of <keyword id="6355684" type="UNKNOWN" weightage="100" keywordseo="Blockchain">Blockchain</keyword>. You might have read that it could disrupt and change banking, payments and other financial services forever. Perhaps you are wondering how it might affect you, especially if you are employed in the financial services industry. 
 
So let us clear the air to start with. Blockchain is the technology underlying the virtual currency, Bitcoin. But while Bitcoin has received a mixed response, there is widespread interest in Blockchain for a variety of reasons that we will talk about later. Many people believe Blockchain technology could revolutionise banking, payments and a host of allied activities. 
 
Like every revolution preceding it, Blockchain too is giving rise to fears of job loss and redundancy. But actually every revolution in the past – whether it was the development of agriculture or the invention of electricity, radio, railroad or aircraft – has made human lives better than before. It is the same with the digital revolution, which, by giving us the tools of Internet and Mobility, has helped us to become more innovative and efficient, and amplified our potential in countless other ways. 
 
Blockchain is no different. In fact, implemented right, it can deliver a variety of benefits as discussed in the following paragraphs. 
 
Think of Blockchain as a very large, public spreadsheet in which various transactions are noted. A network of people or their representative computers has access to this spreadsheet, and is responsible for validating each transaction by consensus. Once a transaction is certified as genuine and consummated, it cannot be modified, recalled or repudiated. This makes the transaction highly secure. 
 
In this scenario, there is really no need for a central agency, such as a stock exchange or clearing house, for bringing the contracting parties together or facilitating the deal. That means the parties to the transaction can conclude their business safely, securely and largely anonymously, without involving an intermediary. This yields several benefits – the parties have complete visibility into the transaction; there are no commissions or fees; and settlement can happen within seconds. 
 
Blockchain can also be used to secure old-world transactions involving cash and plastic. One only needs to digitize the currency or card and register it on the network. Then, even if someone steals the money or card, they will not be able to transact with it, because the network will reject it as invalid. In India, the Reserve Bank is considering using Blockchain technology to reduce cheque counterfeiting. Digitized cheques can reduce the use of paper as well as the risk of theft and fraud. And if someone who continues to use paper cheques after digitization loses one, they are still protected because no other person will be able to use it. 
 
Property transaction is another very obvious area of application, where everything from land records to sale deeds can be uploaded on to Blockchain for validation and protection both. The same applies to the sale and purchase of financial assets such as securities and insurance. 
 
A very interesting feature of Blockchain is that it allows even very small investors to buy a share in highly valued assets, such as art, for instance. You might know that it is possible to buy a fraction of a Bitcoin, which is currently valued at about US$ 670, and trade it at will. Similarly, every other valuable asset can be digitized and broken into small components using Blockchain and offered to investors who cannot afford the whole. 
 
These are some of the known benefits of Blockchain. As the technology matures and adoption increases, who knows what other possibilities might open up? 
 
About the author: <keyword id="3533500" type="UNKNOWN" weightage="100" keywordseo="Rajashekara-V-Maiya">Rajashekara V. Maiya</keyword> is the Associate Vice President &amp; Head – <keyword id="3533499" type="UNKNOWN" weightage="100" keywordseo="Finacle-Product-Strategy">Finacle Product Strategy</keyword> at <keyword id="2237108" type="UNKNOWN" weightage="100" keywordseo="Edgeverve">EdgeVerve</keyword> (an Infosys Company) 
 
<a href="http://www.coinfox.info/images/blockchain-tech-follow-my-vote.jpg">Image source</a>

Benefit with Blockchain

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> has launched two new financial products - <keyword id="3033079" type="UNKNOWN" weightage="40" keywordseo="Finacle-Payments-Bank">Finacle Payments Bank</keyword> and <keyword id="3033080" type="UNKNOWN" weightage="60" keywordseo="Finacle-Small-Finance-Bank">Finacle Small Finance Bank</keyword> solutions - for the Indian market. It will help the company to tap the multi-million dollar opportunity in the newly announced payments banks segment. 
 These two products are part of <keyword id="2236235" type="UNKNOWN" weightage="80" keywordseo="Edgeverve-Systems">EdgeVerve Systems</keyword>, the product subsidiary of <a href="http://www.businessinsider.in/searchresult.cms?query=Infosys">Infosys</a>, the country's second largest software services firm. 
 
"These solutions are specifically tailored for organisations seeking payments banks and small finance banks licenses from the RBI. With these solutions, licensees can set up the required technology backbone and become operational quickly," Infosys Finacle Regional Head for Growth Markets Venkatrama Gosavi told PTI. 
 
These solutions will enable the new entrants to focus on their business goals right from the start of their operations, he added. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India+%28RBI%29+">The Reserve Bank of India (RBI)</a> granted 'in-principle' approval in August to 11 entities, including <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries">Reliance Industries</a>, <keyword id="6359480" type="PERSON" weightage="80" keywordseo="Aditya-Birla">Aditya Birla</keyword> Nuvo, <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone+">Vodafone</a> and Airtel, to set up payments banks in the country. 
 
The other entities include Department of Posts, Cholamandalam Distribution Services, <a href="http://www.businessinsider.in/searchresult.cms?query=Tech+Mahindra">Tech Mahindra</a>, National Securities Depository Limited (NSDL), Fino PayTech, Sun Pharma's Dilip Shantilal Shanghvi and PayTM's Vijay Shekhar Sharma. 
 
Infosys' solutions provide capabilities to enable various distribution models like traditional banking, agency banking, mobile wallet, and micro ATMs. 
 
Gosavi said: "These solutions are also available in a hosted environment apart from on-premise, which ensures low capital investments. It will enable new license holders to make investments based on consumption and scale-up depending on business demand." 
 
The customers will also have access to integrated analytics to help create customised offerings and address emerging market needs. 
 
A dominant player in the banking solutions space, Finacle has 70% share of the top 40 banks in India. It also powers over 100 cooperative banks in India. 
 
(Image: Indiatimes)

Grabbing the million dollar opportunity, Infosys launches two new financial products

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> has hived off its products, platforms and solutions (PPS) business into a fully owned subsidiary called <keyword id="2237108" type="UNKNOWN" weightage="100" keywordseo="Edgeverve">Edgeverve</keyword> Systems. The company’s board has allowed it to implement a business transfer accord with Edgeverve, along with related documents, subject to securing the required consent from the shareholders at the annual general meeting (AGM), to be held on June 14 this year. 
 "Edgeverve was created to focus on developing and selling products and platforms," said a filing with the <keyword id="108474" type="ORGANIZATION" weightage="60" keywordseo="US-Securities-and-Exchange-Commission">US Securities and Exchange Commission</keyword> (SEC). 
 
Edgeverve is the 39th subsidiary of Infosys and was incorporated on February 14, 2014. For some time now, Infosys has been holding discussions on whether to keep PPS, which contributes 5.2% of Infosys' $8.2 billion revenues, within the conventional IT services business or to make it a separate entity. In PPS, it has to envisage market demand and create products and platforms in anticipation of the demand. 
 
"I think that the spin-off is an excellent strategy. The platform company is quite different; it has a different business model, supported by a different people model, a separate sales strategy and investment rhythm. Furthermore, it allows the service company to focus on its core business without the distraction of learning a different business," said Peter Bendor-Samuel, CEO of the IT research firm Everest Group. 
 
Ray Wang, CEO of US-based IT research firm Constellation Research, said, "Product organisations have to build once and scale to many users. Service organisations deliver for one user and can easily make one-offs." 
 
Infosys’ vision, under its 3.0 strategy, has been to lift the contribution of PPS to 33%, but it has failed in its endeavour. On the contrary, contribution from PPS declined to 5.2% in the financial year 2013-14, from 5.7% in 2012-13. 
 When the company’s co-founder NR <keyword id="6355623" type="PERSON" weightage="100" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> returned as the executive chairman in 2013, he brought the emphasis back on the business of application development and maintenance.

Infosys Spins Off Products Business Into
Separate Unit

<ul><li>The 30-share BSE index was trading 0.56% higher; while the NSE Nifty jumped 62.90 points at 9:50 am. </li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex jumped over 200 points in early trade on Tuesday driven by gains in index-heavyweights TCS, Infosys and HDFC amid positive cues from global markets. They have now pared their morning gains, led by fall in the banking stocks. The 30-share BSE index was trading 0.56% higher; while the NSE Nifty jumped 62.90 points at 9:50 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td></tr></tbody></table>*as of September 29, 10:00 am These are the top stocks in news today. Shalby gains 4% The shares of Shalby Limited were trading 4% higher after the board approved the decision to reduce promoters’ shareholding in the company to 75% from the current level of 79.45%. The company will issue equity shares and convertible securities up to ₹ 117.02 crore, it said. Maruti Suzuki India up over 1% The automaker Maruti Suzuki India was trading 1% higher after Morgan Stanley, and HSBC upgraded their ratings to ‘Buy’. The Morgan Stanley revised target price is now at ₹7,570 a share. Anuh Pharma surges 5% The shares of Pharma major Anuh Pharma were up 5% on September 29 after it received approval from the World Health Organization— Geneva Prequalification for Pyrimethamine API, which is used as antimalarial drugs. Tata Consultancy Services up 4% Tata Consultancy Services (TCS) shares were trading 4% higher after the IT major told investors that it won four Stevies at the 2020 International Business Awards. TCS was recognized with two Gold Stevies, one Silver Stevie and one Bronze Stevie for achievements in North America and India, the company said. Hero MotoCorp gains 2% Extending gains for the second day, Hero MotoCorp shares were trading 2% higher after <a href="https://www.newindianexpress.com/business/2020/sep/26/hero-motocorp-harley-engaged-in-advancednegotiations-2202082.html">news reports</a> surfaced that the US-bike maker Harley Davidson is in talks with the Indian two-wheeler major to enter into a distribution arrangement. Infosys surges 2% The shares of IT major Infosys surged over 2% after its wholly-owned subsidiary EdgeVerve Systems recently signed a partnership with Minit, a leader in process mining, to help clients accelerate process excellence. The company said it would jointly create a solution that will empower enterprises with superior insights for business transformation, leading to better operational efficiency and enhanced business results. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/uti-amcs-2160-crore-ipo-opens-today-heres-all-you-need-to-know/articleshow/78376756.cms" data-type="tilCustomLink">UTI AMC’s ₹2,160 crore IPO opens today — Here’s all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms" data-type="tilCustomLink">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Top stock movers — TCS, Wipro, Infosys, Maruti Suzuki, Hero Motocorp, Anuh Pharma and more

<ul><li>At 7:49 am, the SGX Nifty was trading 0.19% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the positive cues from the global market, the Indian stock market is likely to open higher. At 7:49 am, the SGX Nifty was trading up 0.19%, indicating a green start for Nifty50. US stocks also closed broadly higher on Wall Street as the market clawed back some of its sharp losses from September. The Dow Jones Industrial Average ended 1.5% higher; whereas the S&amp;P 500 rose 53.14 points on Monday. These are the stocks to watch out for during the trading session on September 29: Infosys EdgeVerve Systems, a wholly-owned subsidiary of Infosys, recently signed a partnership with Minit, a leader in process mining, to help clients accelerate process excellence. The company said it would jointly create a solution that will empower enterprises with superior insights for business transformation, leading to better operational efficiency and enhanced business results. The shares of Infosys ended 1% lower yesterday. Balaji Telefilms The board of Balaji Telefilms has approved the liquidation of its subsidiary Chhayabani Balaji Entertainment. The shares of Balaji Telefilms ended 1.2% higher yesterday. Central Bank of India The board of the Central bank of India at its meeting approved the allotment of 16 crore equity shares to qualified institutional buyers (QIB) at an issue price of ₹15.38 per share aggregating up to ₹254.99 crore. The shares of the Central Bank of India ended 1.2% lower yesterday. Shalby Ltd The Board of Shalby has approved to reduce promoters’ shareholding in the company to 75% from the current level of 79.45%. The company will issue equity shares and convertible securities up to ₹ 117.02 crore The shares of Shalby ended 1% lower yesterday. Anuh Pharma Anuh Pharma has received approval from the World Health Organization— Geneva Prequalification for Pyrimethamine API, which is used as antimalarial drugs. The shares of Anuh Pharma ended 5% higher yesterday. DHFL DHFL transaction auditor Grant Thornton flagged fraudulent transactions worth ₹12,705.53 crore took place at debt-ridden mortgage firm DHFL during FY17 to FY19. The shares of DHFL ended 1.16% higher yesterday. Vedanta Vedanta's reverse book building for delisting starts on October 5. The bid will remain open until October 9, the company said. Also, Vedanta’s board is slated to meet on October 3 to consider financial results for June quarter. The shares of Vedanta ended 2% higher yesterday. UTI AMC, Mazagon Dock and Likhitha Infrastructure The IPO for UTI AMC, Mazagon Dock, and Likhitha Infrastructure will open today for subscription. The issue will remain open until October 1. SEE ALSO:<a href="https://www.businessinsider.in/science/space/news/elon-musks-spacex-will-launch-another-60-starlink-internet-satellites-into-earths-orbit-tonight/articleshow/78366364.cms" data-type="tilCustomLink"> Elon Musk's SpaceX will launch another 60 Starlink internet satellites into Earth’s orbit tonight</a> <a href="https://www.businessinsider.in/finance/news/rbi-postpones-monetary-policy-meeting-new-dates-to-be-announced-soon/articleshow/78361698.cms" data-type="tilCustomLink">RBI postpones Monetary Policy meeting as the hunt for three new MPC members continues</a>

Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others

<keyword id="2558261" type="UNKNOWN" weightage="20" keywordseo="Ritika-Suri">Ritika Suri</keyword> stepped down as <keyword id="4777835" type="UNKNOWN" weightage="20" keywordseo="infosys-executive-vice-president">Infosys executive vice president</keyword>. She was one of the top-paid executives who joined <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>’s team. Suri, who was brought on board by Sikka from SAP, earned more than Rs 5.1 crore in gross salary in FY17. She was in charge of Infosys’ corporate development and merger &amp; acquisitions. Business paper Mint that reported Suri’s exit stated she helped set up the company's $500 million venture fund which has since written down about a third of the $45 million is has deployed. Also, Suri led the acquisition of Israeli automation company <keyword id="2728667" type="UNKNOWN" weightage="20" keywordseo="Panaya">Panaya</keyword>, which was at the centre of a whistleblower letter and a later investigation. However, Infosys says it has been cleared by an independent investigation into alleged improprieties in its acquisition of Panaya and ecommerce platform Skava. (Image: Edgeverve)

Infosys sees top level exit, executive vice president quits

With an aim to generate $2 billion annual revenue from its products and services by 2020, <a href="http://www.businessinsider.in/searchresult.cms?query=infosys">Infosys </a>is undergoing a restructuring under the guidance of <keyword id="2484607" type="UNKNOWN" weightage="20" keywordseo="Michael-Reh">Michael Reh</keyword>, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> Executive Vice President, CEO (designate), EdgeVerve. 
 
As a part of restructuring, the firm will increase investments to strengthen banking software Finacle's footprint in the US, spend more on marketing brands and focus on building new sets of products and solutions. 
 
Currently, the firm has huge hopes from <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">Reserve Bank of India (RBI)</a> who will be announcing the new licenses for building a new banking product under its (financial institution’s) Finacle umbrella for new-age payments banks. The financial institution had invited applications for this task early this year has received applications from many including Infosys. 
 
Michael Reh, in an interview has said, "The new banking licenses are coming up — it's a massive opportunity, but it requires a completely different product." 
 
At Finacle, Reh and his team is exploring the use of the BlockChain database — the underlying technology platform behind virtual currency BitCoin. 
 Ever since he joined Infosys last year and has been given the responsibility of a complete make-over to the product business by company CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>, Reh worked on the existing process at Finacle and helped Infosys win key deals through EdgeVerve. In the process, he has also hired key executives to strengthen EdgeVerve, including former SAP colleague Anirban Dey. 
 
Reh, also said that Infosys was moving towards a different payment model for its cloud product offerings, including options such as "pay-per-use" for customers. 
 
"The expectations of the market for a cloud product are completely different," said Reh, who spent nearly 15 years at SAP. "Ideally, you just want to go to the cloud, you Google, and whatever advertisement comes up normally is the one you click. And then it's all about how seamless, how easy is it to register, getting a trial account, getting my payments in and then I convert my trial over 30 days into a production environment — it's something we're building into our products to be ready for the next generation,” he further added. 
 
Reh, a former colleague of Sikka at <a href="http://www.businessinsider.in/searchresult.cms?query=SAP">SAP</a>, also said that Infosys was aggressively looking to market Finacle in markets such as the US, where large banks like JP Morgan and <keyword id="44473" type="CITY" weightage="20" keywordseo="Citigroup">Citigroup</keyword> spend heavily on deploying banking technology systems and upgrading existing ones. 
 
"The US is the market with the highest spend. We will continue investing in India which is an important market for us, but if we want to grow, we can grow outside of India as well. There are big opportunities out there, especially in the US. And the market is opening up, which is a good thing — they have legacy systems which are 20-25 years old. And that's where we're getting in," said Reh. 
 
On August 1, Infosys started integrating its Finacle unit with EdgeVerve to create one combined entity. Reh said the company was working on taking combined, bundled solutions to clients. He, however, did not rule out the possibility of launching more new products under the EdgeVerve umbrella, but said that the unit's biggest priority was to strengthen its existing line of products. 
 
As per the research firm NelsonHall, Finacle currently is generating about $300 million annual revenue.

Infosys under product revamp, aim $2 billion revenue by 2020

Samson David, who was handling <a href="http://www1.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys’</a> <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword> (AI) platform <a href="http://www1.businessinsider.in/searchresult.cms?query=mana&amp;sortorder=effectivedate">Mana</a>, has resigned, becoming the fifth person to put in papers after chief <a href="http://www1.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Vishal Sikka</a> took over the company’s reins. 
 David’s exit will come as a jolt to <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, which plans to turn around fortunes on AI and automation. 
 
David was appointed as Infosys’ IT infra chief by Sikka. In the past two years, many top executives including former CFO Rajiv Bansal, current L&amp;T Infotech CEO Sanjay Jalona, former EdgeVerve head Michael Reh have called it quits. 
 
David is likely to join <a href="http://www1.businessinsider.in/searchresult.cms?query=Hewlett+Packard+&amp;sortorder=effectivedate">Hewlett Packard Enterprise</a> (HPE) as the head of its enterprise services delivery business and report to HPE's global enterprise and outsourcing chief Mike Nefkens. 
 
David has worked with Voltas Ltd and was associated with Infosys since 1992 which he had joined as a trainee software engineer.

Infosys’ AI plans just suffered a setback due to exit of a key person

Recently, connected <keyword id="18974" type="UNKNOWN" weightage="100" keywordseo="fitness">fitness</keyword> wearables leader, <a href="http://www.businessinsider.in/searchresult.cms?query=Fitbit&amp;sortorder=effectivedate">Fitbit</a> announced that they had acquired Coin, a <a href="http://www.businessinsider.in/searchresult.cms?query=Silicon+Valley&amp;sortorder=effectivedate">Silicon Valley</a>-based consumer electronics and financial technology firm. <keyword id="6486191" type="UNKNOWN" weightage="100" keywordseo="Fitbit">Fitbit</keyword>’s interest in Coin stems not from the latter’s signature technology but from a desire to jumpstart the creation of an <keyword id="2653452" type="UNKNOWN" weightage="20" keywordseo="nfc-payment">NFC payment</keyword> solution for embedding into their fitness devices of the future. 
 For someone not in the thick of the technology business, this deal might sound like a peculiar alliance. For those in it, however, it’s a marriage made in IoT (<keyword id="970768" type="UNKNOWN" weightage="100" keywordseo="internet-of-things">Internet of Things</keyword>) heaven. 
 
As more and more devices – an oft-quoted estimate says 50 billion by 2020 – connect with each other in the Internet of Things, the lines between various activities of daily life will start to melt away. Without doubt, the way we buy or pay for things will change even more than it already has, as banking integrates deeper into our routines. 
 
This is exactly what Fitbit hopes to leverage by acquiring Coin. In the words of James Park, CEO, “The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people's lives.” 
 
In my view, that is the logical way forward for most businesses. Wearable fitness trackers are facing stiff competition from other devices, such as smartwatches, which are in fact much more versatile. For fitness trackers to hold their own against the likes of an Apple Watch, they need to expand their utility. Integrating financial capability into their device enables firms such as Fitibit do exactly that. For instance, by embedding NFC payment technology into their trackers and smart watch, Fitbit would make life more convenient for early morning joggers who would no longer need to carry their wallet to pay for that orange juice or energy drink. 
 
This is not to suggest that wearables, or any other device for that matter, will displace traditional payment mechanisms anytime soon. However, device manufacturers must seize the opportunity of context – namely situations where consumers would find it more convenient or opportune to use their device, than cash or card – with both hands. 
 
That’s a thought most technologically advanced industries are thinking. When driverless cars become a reality, they will need some automatic mechanism to pay for their energy. So it should come as no surprise if automobile companies were to enhance the capabilities of their already smart dashboards with a payment mechanism sometime soon. Even the humble business of grocery retailing is latching on to the opportunity of context. Two years ago, Amazon introduced Amazon Dash, a service that made it even easier for consumers to order supplies online. One of its components is the Amazon Dash Button, a small electronic device that is linked to a product that is ordered frequently – detergent, for example. Customers can configure the button by specifying product and order quantity, and place it near the point of consumption (washing machine, in case of detergent). When a product is running out, a simple press of the button will send a replenishment order to Amazon. 
 
In the Internet of Things, virtually every device with an iota of smart capability will have an opportunity to insert itself into this new value chain. The key to doing that is to be open enough so that it automatically becomes the primary device of value exchange in its particular context. Ensuring low cost of usage along with high quality of experience is equally important. 
 
And what of security, one might ask. Contrary to their image of vulnerability, wearable devices are actually showing potential for user verification. For instance, Royal Bank of Canada is using a heart rate monitoring wristband to authenticate contactless payments. This is just one of the many examples on how banks are creatively integrating wearables in their omnichannel service delivery strategy. Many banks are leveraging the consumer interest in wearables to create smart marketing campaigns. For instance, Emirates NBD, the largest bank in the UAE, introduced a fitness based savings account for Apple Watch users. Account holders are rewarded with higher interest rates based on the steps one takes during the day. This trend will only pave the way for further integration of financial activities into “non-financial” settings. 
 
In fact, in a large client forum at my organization (Infosys Finacle) earlier this month, we presented couple of our latest innovations around wearable devices. We talked about multiple ways wherein consumers can use their voice to authenticate themselves through a smart watch, while also performing various banking activities through the watch itself. Think of times, when you are cooking, or driving to work and you suddenly remember that your credit-card bill is due today. Worried about forgetting to do so after completing the activity, one may like to trigger the activity immediately through the smart watch. Those are the moments when wearable can complement existing channels to make banking simple, safer and faster. 
 
(Image Credits: Thinkstock) 
 
(About the Author: This article is contributed by Puneet Chhahira, Global Head of Marketing, Infosys Finacle at EdgeVerve)

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