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Kotak Mahindra Bank Goes Live On Finacle
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Friday, March 02, 2012:
Kotak Mahindra Bank, one of India’s fastest growing banks, and Infosys, a global leader in consulting & technology, today announced the successful implementation of Finacle 10 universal banking solution across 335 bank branches.
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This big bang implementation saw Finacle core banking and e-banking solutions roll out simultaneously across all the branches of Kotak Mahindra Bank in India. The entire implementation, which replaced the Bank’s legacy core banking system with no disruption to business, was completed in 18 months.
With the objective of becoming future-ready and driving its ambitious growth plans, Kotak Mahindra Bank decided to replace its existing core banking system. Some of the key requirements the Bank was looking to support included – building a functionally rich yet scalable technology backbone, enabling organizational flexibility and ensuring that the new solution integrates seamlessly with multiple other systems within the bank. Finacle 10 was found to be the best fit, both functionally and technologically. The Bank has already seen a 44% increase in the number of accounts added post implementation.
Leveraging Finacle, the Bank is aiming to drive:
· A unified customer view, enabled by the centralized platform, resulting in significant improvement in service levels and customer experience
· Streamlined business processes for higher branch productivity
· Enhanced capability to deliver offerings such as RTGS payments, Sweeps and different options for Standing Instructions
Mr. KVS Manian, President – Consumer Banking, Kotak Mahindra Bank said, “Banking in this era is technology driven. 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, with its leadership in banking innovation, provides superior functionality and ease of integration with multiple other systems- both key differentiators of a technology engine that will power our customer service and business growth objectives.”
Mr. Haragopal M, Global Head, Finacle said, “At Finacle, we believe in accelerating innovation for our clients. With this technology transformation program, we’re happy that the bank has been able to derive significant benefits in terms of both growth and operational efficiencies. Technology is playing an important role in building tomorrow’s banks and we are committed to collaborate with progressive banks, like Kotak Mahindra Bank, to set new benchmarks for excellence in the banking industry.”
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