Kotak Mahindra Bank goes live on Finacle

by CXOtoday Staff    Mar 01, 2012

The entire implementation, which replaced the legacy core banking system, was completed in 18 months.

Kotak Mahindra Bank successfully implemented Finacle 10 universal banking solution from Infosys across 335 bank branches.

The big bang implementation saw Finacle core banking and e-banking solutions roll out simultaneously across all the branches in India. The entire implementation, which replaced the bank’s legacy core banking system with no disruption to business, was completed in 18 months, said a company statement.

“To enhance our customer experience, we needed an advanced core banking platform like Finacle, to help us meet the dynamic needs of our customers. Finacle provided us better functionality and ease of integration with multiple systems,” said KVS Manian, President, Consumer Banking, Kotak Mahindra Bank.

Building a functionally rich and scalable technology backbone, enabling organizational flexibility and ensuring that the new solution integrated with multiple other systems, were some of the key requirements for the bank.

The bank has already seen a 44 percent increase in the number of accounts added post implementation.

“With this technology transformation program, we are happy that the bank has been able to derive significant benefits in terms of both growth and operational efficiencies,” said Haragopal M, Global Head, Finacle.