Indian Bank unwraps FNS' Bancs
20 October 2004 | 1352 views | 0
Source: Financial Network Services
The Government-owned Indian Bank – one of India's top 10 banks has unveiled its new state-of-the-art computerised banking solution developed by Australian banking solutions provider, Financial Network Services (FNS).
The FNS ‘BANCS®’ solution is being jointly implemented by FNS and its Indian partner, Tata Consultancy Services (TCS). The first two Indian Bank pilot branches went live this week – just four months after awarding of the contract.
Under their rapid implementation schedule, FNS and TCS expect to have all 10 Indian Bank pilot branches operating by end 2004. Approximately 500 key Indian Bank branches are scheduled to be converted to the BANCS® solution by 2005. This would represent a record for a core banking project of this scale and sophistication, according to FNS Managing Director, Tony Ward.
Indian Bank Chairman, Mr. M.B.N. Rao, said the core banking solution upgrade represented a quantum leap in the bank’s ability to service its customers. “The BANCS solution builds on the aims of our centenary program to computerise all of our branches by 2007 and represents the best technology available today.
“This project will greatly streamline the management of our branch network, allow us to improve our branch services and extend our customer reach. The inbuilt CRM capabilities of BANCS solution will enable us to offer improved customer relationship management by allowing us to identify and group our customers into segments and develop specific products meeting their needs,” Mr. Rao said.
The Indian Bank project features the latest BANCS solution spanning Loans, Deposits, Branch automation and Cards which will completely automate branch transactions in real time and allow centralized control of the bank’s entire national operations.
The Indian Bank project is being fast-tracked by building on our proven implementation methodology. Some Banks talk about fast implementation, others have a name for it, while we actually do it, Mr. Ward said.
FNS Managing Director, Tony Ward said FNS and TCS have proven themselves as the leaders in banking technology in India by providing a superior banking solution and rapid implementation methodology which fully addresses all Indian cultural and regulatory requirements.