Syndicate Bank, i-flex Win Core Banking Project Award

The Asian Banker IT Implementation Awards 2006, held at The Banker Summit 2007, in Jakarta, Indonesia gave awards and letters of commendation to nine banks and their IT partners for their accomplishments in technological excellence in the financial services industry.

Syndicate Bank, India and i-flex won Asian Banker IT Implementation Awards 2006for best Core Banking Project Award for large banks.

Their citation read:

Our evaluation of Syndicate Bank and i-flex’s core banking implementation recognised that their consistent effort over last few years has borne fruit, as they have successfully implemented a turnkey project that covers a breadth of applications. According to the submission, the bank has covered considerable ground, managing to bring more than 1200 of its branches under the technologically advanced new generation core banking system since the project began. There is likelihood that this new generation banking system and the enhanced services through improved delivery channels will not only provide significantly improved customer satisfaction, but also establish an enterprise-wide view of customers for the bank and help it offer a range of value-added services.

The judges took four criteria into evaluation.They looked at the time and ease of the implementation, as well as the returns to the bank in the form of business value. They also required some qualitative analysis: sped up processes, improved efficiency, customer satisfaction, and others. Finally, technical innovation and system design were considered.

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