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:
• Infosys.comA unified customer view, enabled by the centralized platform, resulting in significant improvement in service levels and customer experience;
• Infosys.comStreamlined business processes for higher branch productivity;
• Infosys.comEnhanced 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."
About Kotak Mahindra Bank
Established in 1985, the Kotak Mahindra group (kotak.com) is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Ltd.
Kotak Mahindra Bank offers complete retail financial solutions for varied customer requirements. The Savings Account goes beyond the traditional role of savings and provides a range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc[.]rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. The Bank also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses & schemes. One can purchase, redeem, switch and even make systematic investments in Mutual Fund Schemes of over 20 Indian Mutual Fund houses. All this can be availed through Internet or phone banking services. The Bank also offers loan products such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the Business Community, Kotak Mahindra Bank offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities. Kotak Mahindra Bank has over 335 branches and over 803 ATMs spread across 193 locations in the country. The Bank has the products, the experience, the infrastructure and most importantly the commitment to deliver pragmatic, end-to-end solutions that really work.
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit infosys.com/finacle.
Many of the world’s most successful organizations rely on the 145,000 people of Infosys to deliver measurable business value. Infosys (infosys.com) provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2011 and on Form 6-K for the quarter ended June 30, 2011 and September 30, 2011.These filings are available at sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
Kotak Mahindra Bank Press Office
Rohit Rao, Kotak Mahindra Bank
P: +91 91679 30026 - E: Rohit.rao[.]kotak.com.