In The Nawanagar Cooperative Bank Ltd., Jamnagar, one of Gujarats players in the co-operative banks of over 20 years, has selected IBM to deploy core banking solutions on a hosted cloud services model. The bank will be automating its end-to-end operations on InfrasoftTechs OMNIEnterprise Core Banking Solution hosted at IBMs data center.
With new regulations and corporatisation affecting customer expectations from co-operative banks in India, The Nawanagar Coop. Bank Ltd. was looking for increasing availability of risk management products like derivatives, IT adherence & alignment, to effectively compete against other private banks. By implementing this world class end-to-end core banking solution, the client will be able to offer state-of-the art financial solution to their customers including internet banking, online money transfer, ATM, mobile banking, etc.
IBM offered Smart Cloud Resilience Service for core banking solution to The Nawanagar Coop. Bank Ltd. in partnership with Infrasoft Technologies. Earlier this year, IBM and InfrasoftTech signed a memorandum to jointly deploy IBM-InfrasoftTech solutions hosted from IBMs data center over a cloud environment. The solution will enable banks to operate on centralized network twice as fast and at a cost that is half compared to on-premises model.
As part of the agreement, IBM will be remotely hosting and managing the IT and networking infrastructures of the bank while also implementing the InfrasoftTech OMNIEnterprise core banking solution to help scale up business and centralise the management of their mission critical operations including front office, mid-office and back-office processes, along with the implementation of real-time transaction processing, helping them better cater to the customer requirements. Moreover, this proposition will help the bank in significantly reducing the burden of upfront capital expenditure by allowing them to spend on a flexible operational expenditure or pay-asyou-go model.
As a forward-looking bank, we felt the need to scale up our IT and improve operational efficiency for delivering consistent, uninterrupted services in a cost effective, secure and compliant manner. After considering several alternatives, we decided on the IBM-InfrasofTech solution as the most appropriate solution to help us ride the transformation wave. said R.K. Shah, MD, The Nawanagar Cooperative Bank Ltd.
Hanuman Tripathi, Group Managing Director, InfrasoftTech said, We have partnered with IBM as they have credibility, services and new technology to be able to take a lot of burden off the banks shoulders in implementing & managing a core banking solution infrastructure. We believe that our partnership in The Nawanagar Bank will assist the customer in implementing our world class OMNIEnterprise Core Banking Solution with a reliable, scalable and robust IT infrastructure provided by IBM. Adding further, he said, InfrasoftTech is already a leader in the co-operative banking industry with over 70% core banking sites being OMNIEnterprise; the company, over the years has emerged as the most reliable software solution provider for the SME banking sector.
The innovative cloud offering is our commitment towards forging relationships with small and medium sized banks. The Nawanagar Cooperative Bank will now etch their position in the highly competitive segment of cooperative banking in India by making a big leap from legacy branch banking to online/anywhere banking. IBM offers the technical expertise, process maturity and strong project management skills required for a project of this magnitude. This is further testimony to our leadership positioning in the banking industry, said KS Raghunandan, Director, Integrated Technology Services, Global Technology Services, IBM India/South Asia.
Gujarat has experienced rapid economic growth in recent years with the development of the local textile, manufacturing and IT services industries. IBM has worked with a range of cooperative banks in the region and this partnership is a testimony to IBMs strong technology solutions that are helping clients increase productivity, improve customer service and track business performance. IBM also has a strong presence in Gujarat, with offices in Ahmedabad and Surat which are focused on meeting the growing needs of our clients and partners.
The Nawanagar Cooperative Bank was founded on August 28, 1980 and has nine branches in Jamnagar, Gujarat. The bank was also presented with the Best Performance National Awards for 1994-95 and 1998-99.
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