IBM helps Nawanagar Co-op Bank implement core banking solution

by CXOtoday Staff    Mar 06, 2012

The bank can now introduce new products and services to the market quickly and uniformly across their network.

IBM today said that the implementation of core banking solution is going live at The Nawanagar Cooperative Bank Ltd, one of Gujarat’s leading co-operative banks for over 20 years.

In October last year, the Jamnagar-based bank had tied up with IBM to deploy core banking solutions on a hosted cloud services model.

As part of the agreement, IBM is providing shared infrastructure services to host the core banking application from Infrasoft with remote managed services at IBM’s data centre in Bangalore.

IBM said that core banking solution of InfrasoftTech OMNIEnterprise was implemented to help scale up business and centralize the management of their mission critical operations including all of the branches and head office with real-time transaction processing, helping the bank better cater to the customer requirements.

“We are excited about the much-awaited cloud-based core banking solution that is to go live today with the IBM SmartCloud and InfrasofTech solutions,” said R K Shah, MD, The Nawanagar Cooperative Bank Ltd.

According to IBM, the bank can now introduce new products and services to the market quickly and uniformly across their network. OMNIEnterprise being browser-based solution, it requires only the browser to use the system which reduces the investment cost of setting up branch infrastructure and its maintenance. Training costs and requirements are also reduced and simplified.

“We are happy to be announcing that through seamless implementation between Nawanagar, Infrasoft and IBM, the core banking solution is going live. The IBM SmartCloud solution offers the bank better operational efficiencies without an exponential increase in the infrastructure and computing resources,” said KS Raghunandan, Director, Integrated Technology Services, Global Technology Services, IBM India/South Asia.

Hanuman Tripathi, Group Managing Director, InfrasoftTech said that Nawanagar Bank will have a modern and scalable platform where the CAPEX requirements will be minimal with low operating costs. “We are confident that the bank will grow at a significant rate in coming times.”