India's Vysya Bank is to replace its legacy system infrastructure with Sanchez' Profile enterprise banking solution. The undertaking is the largest technology upgrade launched by a private sector financial institution in India, according to the bank.
The license was secured through Sanchez Capital Services (SCS), Sanchez' product distribution and implementation partner for India and the Middle East. IBM India is the prime contractor and systems integrator on the project.
The Profile solution will replace the bank's in-house, legacy transaction system and service 125 branches. In addition to SCS and IBM, the Vysya Bank project is led by a consortium of technology vendors and management consultants including Bangalore Labs, AT Kearney and Eicher Consultancy Services.
Vysya Bank embarked on the upgrade in an effort to centralise bank operations and offer a greater selection of standard products to retail and corporate customers in its home territory of Southern India. The bank has also announced plans to expand its product offerings into northern India through ATMs and the Internet.
Cyrus Vandrevala, managing director of Sanchez Capital Services, says: "The Indian market is extremely large with more than 400 commercial banks with 67,000 branches. We believe the competitive banks are actively looking to replace their legacy infrastructures because they need to centralise banking operations to satisfy business plans that call for growing market share outside of their traditional geographies."