Dena Bank to Implement CBS
Dena Bank has outsourced its Core Banking Project to Wipro Ltd, a provider of IT solutions and services, for 10 years. The scope of the contract covers comprehensive applications and infrastructure provisioning and management to enable centralized banking operations across 850 branches, at a cost of Rs 304.4 crore.
Wipro will provide and manage a host of banking applications covering core banking, delivery channels, risk management, treasury, credit operations, cash management, asset liability management and anti money laundering. It will use Infosys Technologies Ltd.’s Finnacle software solution for the project.
It will provide system integration and 24×7 management of the entire underlying infrastructure covering computing platforms and networking, commissioning of the data center and management of the disaster recovery center.
P.L. Gairola, chairman & MD, Dena Bank, said, “We are re-engineering our IT processes and applications in the areas of Core Banking, Risk Management, Delivery channels, Credit Operations and treasury, which will ultimately deliver superior quality of services and a wide product portfolio to our customers. This engagement with Wipro will allow Dena Bank to accelerate growth in Business volumes while achieving operational excellence.”
The bank initiated data cleaning and updating in the pre-migration stage as compared to other nationalized banks to enhance its CRM. SLAs have been framed as per RBI guidelines.
U.S. Kohli, executive director, Dena Bank, said, “Dena Bank derives a lot of benefits from this engagement. A SLA driven technology backbone ensures that our customers can expect a consistent service across our delivery channels. We will also be able to offer new products and services to our customer through the flexible technology platform of Finnacle offered by M/s Infosys. Our internal processes will become efficient and standardized, improving decision making.”
The project was commissioned last month. Pilot implementation for 10 branches will take 6 months. Ernst & Young is the project consultant.
“Dena Bank will have access to leading edge technology choices to successfully exploit the business opportunities that will emerge over the term of the contract,” said Anand Sankaran, VP, Global-IT Outsourcing & Wipro Ltd.
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