IBM has announced that FEDBANK Financial Services Ltd , a wholly owned subsidiary of The Federal Bank Ltd, one of India’s leading private sector banks, has selected IBM Power systems to run its business critical loan origination application.
According to FEDBANK, the company’s plans for the rapid growth of its Gold Loans, Mortgage Loans and Car Loans were being impacted by the existing manual loan processes which hindered performance. As a result, FEDBANK set out to implement a faster, accurate and more efficient system for their internal processes to enable the desired business growth.
"As a company, FEDBANK has been committed to transform itself into a leader amongst our peer group of Non Banking Financial Corporations. Investment in technology plays an important role in this transformation - helping improve speed and time to market, increasing the visibility of information, growing our client base and providing the highest level of service to our end users. IBM’s vast experience of working with leading banks across the globe and in India, will bring to the table not just unmatched technology, but the industry expertise that we believe will be of significant help," said Shome Sengupta, Managing Director& CEO of FEDBANK Financial Services.
The average number of loans booked today by FEDBANK is 275 per day; these are expected to reach 5000 per day by 2013. In addition, FEDBANK expects to grow the current number of 92 branches to 1250 branches by 2013. To address this aggressive business growth, IBM is delivering a robust solution comprising of the software application ‘FinnOne’, from ISV Nucleus software, to handle loan origination, loan services & delinquency/collection management and IBM’s Power Systems hardware to run the application.
"IBM is pleased to further extend our engagement with FEDBANK with this recent implementation," said Viswanath Ramaswamy, Vice President – Power Systems, Systems and Technology Group, IBM India/South Asia. "IBM Power Systems clearly offer clients an unmatched value proposition, in addition to a robust technology roadmap. The FEDBANK solution is a perfect example of companies turning to IBM's Power Systems to improve efficiencies, cut costs and better manage their operations while planning for growth."
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Updated Date: Feb 02, 2017 23:10:51 IST