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Sree Charan Souharda Co-operative Bank Ltd Chooses IBM Cloud for Core Banking Solutions

To offer better Customer Service and Manage Mission Critical Operations across Five Branches

IBM today announced that Sree Charan Souharda Cooperative Bank Ltd; has selected IBM SmartCloud to help it meet growing demand, add new customer services and to centralize mission -critical operations such as real-time transaction processing across its five branches in Bangalore.

As part of the agreement, the IBM SmartCloud will be used to deliver the Resilience for Core Banking solution from IBM Business Partner Infrasoft Technologies Ltd. With this technology on the IBM SmartCloud, Sree Charan Souharda Cooperative Bank will be better able to align its business processes with predictive analytics and offer enhanced financial solutions to its customers including Internet banking, online money transfer, ATM Services, and mobile banking.

In addition, with new regulations shaping customer expectations from cooperative banks in India, these banks have an increased focus on IT-related compliance in order to effectively compete against other private banks.

“In today’s globally interconnected world, our customers have increased expectations for better services, particularly in the areas of Internet and mobile banking. New, more sophisticated and intelligent technologies can empower change and create opportunities for our bank to deliver these services and at the same time manage growth, risk and efficiency.” said B V Dwarakanath, Chairman, Sree Charan Co-operative Bank Ltd. “By implementing the cost effective, state-of-the-art Core Banking Solution being delivered via the IBM cloud, we will be able to operate on a centralized network twice as fast as the existing set up. This solution is also helping us reduce the burden of upfront capital expenditure and move to a pay-as–you-use model.”

Cloud computing is having a dramatic impact on the financial services industryand IBM is experiencing tremendous opportunity, globally, to take advantage of the opportunities in online banking and at the same time reduce the cost and increase the return on investment.

“Increasingly, IBM sees cooperative banks opting for a more robust IT environment, provided by cloud computing, to improve operational efficiency in a cost effective and secure manner. While ensuring that the IT infrastructure and customer data is secure, the solutions also give banks a centralized view of the customers’ business which will help them better understand customer behavior, and adjust to demand, including increased online and mobile banking. This win is further testimony to the leadership position in the banking industry shared by IBM and InfraSoft and our mutual commitment towards forging relationships with small and medium sized banks,” said KS Raghunandan, director, Integrated Technology Services, Global Technology Services, IBM India/South Asia.

Mr. Hanuman Tripathi, Group Managing Director, InfrasoftTech said “The smaller banks in India can benefit tremendously by adopting cloud based Core Banking offering on a shared services model. This will make best of the breed technology affordable to them. Through our partnership with IBM, we are offering our world class OMNIEnterprise Core Banking Solution on a reliable, scalable and robust IT infrastructure provided by IBM. By implementing the core banking solution, Sree Charan Co-operative Bank will be enabled to provide banking services across multiple channels similar to those offered by larger banks in both private & public sector. The bank would be able to implement transparent and stronger governance framework, introduce enhanced risk management and benefit from timely compliance & reporting. We are proud to work with Sree Charan Co-operative Bank and it would be very satisfying to see the bank grow leaps & bounds benefiting from their partnership with IBM & InfrasoftTech”.

About Sree Charan Souharda Cooperative Bank Ltd.

Sree Charan Souharda Cooperative Bank is a member of the Karnataka State Souharda Federal Cooperative Ltd., the first apex body of new generation cooperative banks in India.

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