IBM, Nawanagar Co-op Bank to implement Core Banking Solutions on Cloud
The Nawanagar Cooperative Bank Ltd., Jamnagar has selected IBM to deploy core banking solutions on a hosted cloud services model. The bank claims to 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 aiming for increasing availability of risk management products like derivatives, IT adherence & alignment, to effectively compete against other private banks. By implementing this end-to-end core banking solution, the client is said to offer state-of-the art financial solution to their customers including internet banking, online money transfer, ATM, mobile banking, etc.
As part of the agreement, IBM is believed to 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.
R.K. Shah, MD, The Nawanagar Cooperative Bank Ltd. said, "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."
KS Raghunandan, Director, Integrated Technology Services, Global Technology Services, IBM India/South Asia said, "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."
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