Nawanagar Cooperative Bank, Jamnagar, one of Gujarat’s
leading co-operative banks of over 20 years, announced that it selected IBM
to deploy core banking solutions on a hosted cloud services model.
The bank will be automating its end-to-end operations on
InfrasoftTech’s OMNIEnterprise Core Banking Solution hosted at IBM’s data
center.
With new regulations and corporatization affecting
customer expectations from co-operative banks in India, The Nawanagar Coop.
Bank Ltd. was looking for increasing availability of risk management products
like derivatives, IT adherence & alignment, to effectively compete against
other private banks. By implementing the core banking solution, the client will
be able to offer state-of-the art financial solution to their customers
including internet banking, online money transfer, ATM, mobile banking, etc.
IBM offered Smart Cloud Resilience Service for core
banking solution to The Nawanagar Coop. Bank Ltd. in partnership with Infrasoft
Technologies. Earlier this year, IBM and InfrasoftTech signed a memorandum to
jointly deploy IBM-InfrasoftTech solutions hosted from IBM’s data center over a
cloud environment. The solution will enable banks to operate on centralized
network twice as fast and at a cost that is half compared to on-premises model.
As part of the agreement, IBM will be remotely hosting
and managing the IT and networking infrastructures of the bank while also
implementing the InfrasoftTech OMNIEnterprise core banking solution to help
scale up business and centralize the management of their mission critical
operations including front office, mid-office and back-office processes, along
with the implementation of real-time transaction processing, helping them
better cater to the customer requirements. Moreover, this proposition will help
the bank in significantly reducing the burden of upfront capital expenditure by
allowing them to spend on a flexible operational expenditure or pay-as-you-go
model.
As a forward-looking bank, we felt the need to scale up
our IT and improve operational efficiency for delivering consistent,
uninterrupted services in a cost effective, secure and compliant manner. After
considering several alternatives, we decided on the IBM-InfrasofTech solution as
the most appropriate solution to help us ride the transformation wave.” said
R.K. Shah, MD, Nawanagar Cooperative Bank.
We have partnered with IBM as they have credibility,
services and new technology to be able to take a lot of burden off the banks’ shoulders
in implementing & managing a core banking solution infrastructure. We
believe that our partnership in The Nawanagar Bank will assist the customer in
implementing our world class OMNIEnterprise Core Banking Solution with a
reliable, scalable and robust IT infrastructure provided by IBM,” said Hanuman
Tripathi, group managing director, InfrasoftTech.
InfrasoftTech is already a leader in the co-operative
banking industry with over 70 percent core banking sites being OMNIEnterprise;
the company, over the years has emerged as the most reliable software solution
provider for the SME banking sector,” Tripathi added.
The innovative cloud offering is our commitment towards
forging relationships with small and medium sized banks. The Nawanagar
Cooperative Bank will now etch their position in the highly competitive segment
of cooperative banking in India by making a big leap from legacy branch banking
to online/anywhere banking. IBM offers the technical expertise, process maturity
and strong project management skills required for a project of this magnitude.
This is further testimony to our leadership positioning in the banking
industry,” said KS Raghunandan, director, Integrated
Technology Services, Global Technology Services, IBM India/South Asia.
Gujarat has experienced rapid economic growth in recent
years with the development of the local textile, manufacturing and IT services
industries. IBM has worked with a range of cooperative banks in the region and
this partnership is a testimony to IBM’s strong technology solutions that are
helping clients increase productivity, improve customer service and track
business performance. IBM also has a strong presence in Gujarat, with offices
in Ahmedabad and Surat which are focused on meeting the growing needs of our
clients and partners.
By Telecomlead.com Team
editor@telecomlead.com
