IBM has announced that Sree Charan Souharda Cooperative Bank Ltd; has selected its SmartCloud to help meet growing demand, add new customer services and to centralize mission-critical operations such as real-time transaction processing across its five branches in Bangalore. With this, the bank will be better able to align its business processes with predictive analytics and offer enhanced financial solutions to its customers including Internet banking, online money transfer, ATM Services and mobile banking. In addition, with new regulations shaping customer expectations from cooperative banks in India, these banks have an increased focus on IT-related compliance in order to effectively compete against other private banks.
“In today’s globally interconnected world, our customers have increased expectations for better services, particularly in the areas of Internet and mobile banking. New, more sophisticated and intelligent technologies can empower change and create opportunities for our bank to deliver these services and at the same time manage growth, risk and efficiency,” said BV Dwarakanath, Chairman, Sree Charan Co-operative Bank Ltd.
“By implementing the cost effective, state-of-the-art Core Banking Solution being delivered via the IBM cloud, we will be able to operate on a centralized network twice as fast as the existing set up. This solution is also helping us reduce the burden of upfront capital expenditure and move to a pay-as–you-use model,” he added.
“Increasingly, IBM sees cooperative banks opting for a more robust IT environment, provided by Cloud computing, to improve operational efficiency in a cost effective and secure manner. While ensuring that the IT infrastructure and customer data is secure, the solutions also give banks a centralized view of the customers’ business which will help them better understand customer behavior, and adjust to demand, including increased online and mobile banking,” said KS Raghunandan, Director, Integrated Technology Services, Global Technology Services, IBM India/South Asia.
Hanuman Tripathi, Group Managing Director, InfrasoftTech, said “Smaller banks in India can benefit tremendously by adopting Cloud-based CBS on a shared services model. Through our partnership with IBM, we are offering our OMNIEnterprise CBS on a reliable, scalable and robust IT infrastructure provided by IBM.”