HP Migrates 550 BoI Branches to CBS
HP has announced that it has successfully migrated 550 Bank of India branches to the core banking system in fifteen months, making it the fastest CBS migration in the country.
The CBS implementation initiative forms a part of the 10 year outsourcing contract awarded to HP in 2004 which includes managing the bank’s IT environment, data warehousing and document imaging solution implementation, building and running a data center, a DR site, help desk and a call center.
A flagship project for HP, the implementation started in November ‘04 and enables the bank to run 55% of its business using the solution and covers over 45% of all BOI customers.
Based on Infosys’ FINACLE application the CBS solution has allowed the bank to focus on its core business functions, including rolling out new products and services like including providing mobile ATM facility to its customers in far reaching rural areas, NRI account services, on-line transaction processing facilities such as RTGS, internet banking and on-line share trading among others.
Queried on factors considered in choosing from available solutions, Balu Doraisamy, MD, HP, India told CXOtoday, “There are several key elements that one needs to look at such as compatibility between banks needs and the solution, applicability, scalability. It should be flexible enough to allow customization as per the bank’s wants and should compliment its nature and size of business.”
Outlining other advantages of the arrangement, Doraisamy informed, “Outsourcing the management of IT environments to a service provider has multiple benefits for any organization regardless of their industry. It allows them to concentrate more on their core business functions as opposed to allocating useful company resources to managing the complex IT environments.”
“One of the most important benefits is the cost predictability associated with such an arrangement. Once the initial set up is in place the client can easily keep a tab on all the IT expenditure and doesn’t have to be bothered about IT management hassles at all,” added Doraisamy.
Along with the CBS roll out, BoI has also implemented a Business Process re-engineering (BPR) Strategy, that resulted in centralization of various back office functions like clearing, cheque book issue, account opening among others.
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