Tata Consultancy Services have successfully completed the first phase of one of the largest and most ambitious Information Technology projects ever undertaken by a bank anywhere in the world. The Australian specialist banking software and services company, Financial Netwok Services and its Indian partner. The world’s largest bank in terms of the size of its branch network and infrastructure, the project involves the implementation of a new core banking solution at the state bank of India. The SBI has now gone live with its new BANCSR core banking solution in approximately 250 key branches
The banking solution implemented for the SBI is central to the Bank’s Information Technology and Business strategy. The solution has now attained critical mass and is set to encompass the all the branches rapidly. In the present scenario where the size and consolidation in the banking sector are being discussed. The common technology platform for the State Bank Group provides a common a face to both employees and customers the bank. The SBI Group has always been at the forefront of the customer service and this technology solution from TCS will go a long way in enhancing delivery of superior products and services to their customers. The coupled with the other business initiatives within the group will create a new SBI.
The conversation to BANCS ensured SBI could move ahead rapidly with the latest 21st Century Technology to streamline its operations and improve customer service and reach. To equip another 5000 branches of the subsidiary banks with the BANCS solution, the entire is of enormous proportions, involving some 9000 local branches and a parallel project by TCS. The implementation has been an astounding accomplishment. BANCS will also be implemented in a range of the specialty branches servicing agricultural, industrial, overseas and a non residential Indian customers. A mixture of the personal banking and Commercial Branches and the banks Foreign Department have now been converted to the new solution, marking another major milestone in reaching a large proportion of SBI’s customers.
The decision by SBI to implementation the BANCS core banking solution from FNS was the culmination of a two year investigation by the bank which was the most rigorous and detailed. The SBI is the largest in the world by the number of the branches and it is the banker for the government catering for the full range of government departments and as well as taking deposits and providing loans to the government sector. In being the public sector bank, the SBI is also responsible for the discharging Government policy such as loans to a special industry and also disadvantage groups in the community. This includes the housing loans and the banking services to some 125 million accounts, each with the links to the collateral and other associated persons all of which are managed by BANCS customer relationship management feature.
The end of the comprehensive evaluation process involving the literally dozens of vendors, the BANCS was the only solution which could meet all of SBI’s exacting requirements. Most os the competitors were ruled out early because of the functional or the technical shortcomings and others on their past history of the problem implementations.
REFERENCE:
http://www.finextra.com/news/Announcement.aspx?pressreleaseid=2367
