IndusInd Bank to rollout output management system
IndusInd Bank (INDUSINDBK), one of the new generation Indian banks, is upgrading its IT systems. Currently, the private sector bank is working on an output management system to make delivery of statements and customer correspondence easier and more effective
IndusInd has opted for Newgen’s O2MS solution for its output management. Speaking to CXOtoday, Mridul Sharma, CTO of IndusInd Bank said the entire system is in place and would be operational by December. “We wanted to make our customer communication more customized and platform agnostic. We have generated one cycle and hope to roll out our quarter ending report in December on this platform,” informed Sharma.
According to Sharma, the solution allows creation of word documents and present statements in a simple manner that can be easily understood by the customers. The solution will also allow the bank to track customer spending habits, analyze them, and then create offers and deals to suit the customer. Apart from this, IndusInd will also be able to send out personalized greetings on customers’ birthdays and other occasions.
Sharma said that the bank opted not to go with big multi-national vendors. “Nobody had readymade solutions for output management when we initiated our project. One reason we did not want to opt for the larger players is that we did not want the additional hassles of coordinating with their implementation partners. Newgen installed the solution for us and we are happier to deal with just one company,” he said.
The output management system is just one of many IT initiatives that IndusInd bank has carried out in the last couple of years, for example, it also uses Newgen’s workflow management solutions - OmniDocs and OmniFlow. The deployment of this solution was initiated in 2008 and was completed the following year. Currently, the bank is using workflow management for seven processes, including FD account opening, procurement, etc. across their 220 branches. It has also begun virtualizing its data centers. “Our systems were put in place around 14 years ago and our product offerings have been steadily increasing since then. To remain competitive we need to keep updating our IT assets and this is what we have been doing since the last few years,” said Sharma.
Sharma said the bank is now looking at updating its core banking solution. It is also scouting for an appropriate wealth management solution.
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