IBM Helps Financial Services Firm Transform IT Systems

by CXOtoday News Desk    Jul 16, 2014

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IBM announced that it has entered into a six-year agreement with India’s micro finance provider Janalakshmi Financial Services (JFS) to transform its business and technology capabilities.

By leveraging IBM’s business consulting expertise combined with the big data and analytics, cloud and mobile capabilities, the company will strive to expand on its plans and vision to deliver affordable financial services to individuals and enterprises across India, according to a company statement. 

“We are pleased to join JFS in its journey to help drive financial inclusion across India, empowering citizens with access to financial services that improves financial stabality and quality of life. By leveraging leading Big Data, analytics and mobility solutions, JFS will be able to use the power of technology to differentiate and drive profitability, which is critical to its expansion and growth,” IBM India managing director Vanitha Narayanan said.

According to the company, IBM will be able to help JFS achieve business transformation, improve service delivery and increasing customer satisfaction. IBM will provide JFS with an end-to-end technology platform along with mobile and analytics based solutions which will gather and harness customer information as well as digitise and automate the organisation’s processes, besides strengthening the existing JFS payment platform based on these same insights which will enable them to create and offer an ongoing set of new payment products for its customers, it said.

In addition, the IT major will use advanced anylatics capabilities that integrate JFS’s geo-spatial insights with credit-decisions process to help improve distribution and collection models and also help the company underlying infrastructure to support multiple deployment options and ensure fully integrated service management.

“As we continue to expand, we need a strategic partner like IBM with proven domain experience in the financial sector. IBM’s established credentials in successfully driving organisational transformations both globally and in India were key to our decision to work together,” Jana Group chairman Ramesh Ramanathan said. He added that the company came up with an innovative commercial model that will provide a direct connection between business performance and IT costs, helping them to scale operations and build an agile technology environment.

JFS officials said the company plans to expand its footprint from 154 branches and 3 million accounts to 1,400 branches serving over 20 million accounts in the next 5 years.