Cosmos Bank Selects IBM For Core Banking Solution

The Cosmos Co-operative Bank Ltd. (Cosmos Bank), the multi-state co-operative bank has announced that it has selected IBM’s robust POWER 7 systems to run its core banking solution. Cosmos Bank has consolidated its server infrastructure of over 8 Power 5+ servers (which included P570, P55A & 52A servers) onto three IBM POWER 7 servers (POWER 750) to run its core banking application. With the new system, the bank expects to increase performance by 50% (with 100% additional headroom for growth within each server) while reducing operating costs by 40%. Power consumption is also expected to be reduced by 65%.

IBM POWER7 systems will help the bank analyse customer data, helping it to better manage current demand for its products and services as well as predict areas of potential future growth. The new system will also enable Cosmos Bank to manage applications and services at less cost, with technology breakthroughs in virtualisation, increased energy savings and more cost-efficient use of memory.

There would be two POWER 750 servers located in the primary datacentre and the third is located in the company’s disaster recovery environment. All of the POWER 750 servers use IBM POWERHA for AIX & Linux software and will provide a failover solution that promotes high availability.

“Cosmos Bank has been delivering quality financial services to its customers since 1906 and has carved a niche in the urban banking sector. We turned to IBM to help transform our core banking systems and bring in intelligence throughout our branches by analysing data in real time, helping to improve customer service while increasing efficiency. IBM provided the best combination of price/performance and technology/industry leadership,” said Vasant Manwadkar- General Manager-IT, Cosmos Bank.

“IBM “smarter systems” have over the years helped mid-sized banks and financial institutions to manage their vast amounts of data, handle analytic and transactional workloads 20 times faster, scale as their needs grow, enable efficient and agile data centers, and remain secure and highly available. This partnership reaffirms the confidence that clients have on AiX and reiterates the value that our POWER 7 systems bring to the table for our clients,” Viswanthan Ramaswamy, Country Manager – Power Systems, Systems and Technology Group, IBM India/SA.