New India Co-op Bank To Roll Out OMNIEnterprise

by Julia Fernandes    Sep 30, 2004

Mumbai-based New India Co-operative Bank is all set to roll out OMNIEnterprise, a comprehensive banking solution developed by Infrasoft Technologies.

Speaking to CXOtoday, M A Electricwala, senior manager-information technology, New India Co-operative Bank, said, “OMNIEnterprise is a pseudo-CBS unlike pure core banking solutions like Finacle and Flexcube. It offers complete functionality and yet modular deployment of retail, trade finance and treasury back office modules.”

According to Electricwala, the solution will be rolled by November 2004 among 20 branches and in the central office, across 200 plus users. The solution resides on Oracle 9i, while the operating system at the server level is Windows 2003.

OMNIEnterprise is a comprehensive banking solution that that provides enterprise wide automation capability to a bank on a single technology backbone with full integration, event driven processing and customer-centric account management.

In terms of ROI, Electricwala stated that being the head of IT he was very concerned about the return in investment, which should not be more than 3 years.

Sharing one of the key concerns faced by him as head of IT in the banking vertical, Electricwala stated, “Reserve Bank of India (RBI) — the apex bank of our country, is also the regulator, whose norms we have to follow from time to time. However, despite the good intentions, sometimes what looks good on paper does not necessarily translate into the same in reality.”

Speaking further he observed, “Ambitious initiatives like Real Time Gross Settlement (RTGS) and NDA initiated at the RBI level though conceptually may be right, but technically is a highly complex set of tasks. Such kind of initiatives needs a lot of planning and very competent and skilled staff.”

Voicing his concern further, he remarked, “And finally in all this it is the big vendors who are calling the shots. It is they who are arm twisting small co-operative banks.”