Infosys Finacle has successfully executed Digital Banking Suite on cloud for Shivalik Mercantile Co-operative Bank Ltd. This implementation will help the lender to efficiently scale and power its growth with an on-demand portfolio of products and services.
“The banking industry considers it the right time to move to cloud. It will bring elasticity of operations and has been designed for the mobile-first world,” said Venkataramana Gosavi, Senior VP, Infosys Finacle.
“The gamut of cloud has grown significantly around the world. Besides, there is required regulatory support in India for deploying cloud,” said Gosavi.
“Over 60-70 percent of their clientele has active cloud conversation,” he added.
Cloud4c is the cloud technology partner for Finacle’s cloud infrastructure for the bank.
Shivalik Bank is a cooperative bank that operates across 31 branches around Uttar Pradesh and Madhya Pradesh. The bank has now been granted the license to expand operations in Delhi and Uttarakhand.
Suveer Kumar Gupta, MD and CEO, Shivalik Bank, said that the bank is emphasizing more on inclusive banking but customer preferences vary from brick bank (bank branches) to click bank (online banking). “Our focus is to target the youth and make banking hassle free,” said Gupta.
Shivalik Bank is now planning to start paperless account opening via e-KYC. Harsh Mittal, CTO, Shivalik Bank, said that more than 100 accounts are being opened on a daily basis.
With the help of Finacle model, over 3, 00,000 customers have migrated to the Finacle platform to date. As of now, 25000 customers are engaged in internet banking and more than10,000 customers use the mobile banking services. There have been 30,00,000 digital transactions so far.
The co-operative bank transformed to the new Finacle platform within of 12 months. Mittal said that the new model has enabled greater operational efficiency for front end users.
“ Finacle has provided integrated services to a cooperative bank for the first time in India,” said Gosavi.
