 "Nawanagar Co-Op Bank Selects IBM For Core Banking Solution")
The Nawanagar Cooperative Bank, Jamnagar, one of Gujarat’s co-operative banks of over 20 years, has 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 datacentre.
With new regulations and corporatisation affecting customer expectations from co-operative banks in India, The Nawanagar Cooperative Bank was looking for increasing availability of risk management products like derivatives, IT adherence & alignment, to effectively compete against other private banks. By implementing this world class end-to-end 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.
IBM offered Smart Cloud Resilience Service for core banking solution to The Nawanagar Cooperative Bank in partnership with Infrasoft Technologies. Earlier this year, IBM and InfrasoftTech signed a memorandum to jointly deploy IBM-InfrasoftTech solutions hosted from IBM’s datacentre over a cloud environment. The solution will enable banks to operate on centralised network twice as fast and at a cost that is half compared to on-premises 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, The Nawanagar Cooperative Bank.
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 centralise 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.
“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.
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