Babu: How has the transformation been from the legacy system to the new age digital platform?
Murali: Our journey has been from a legacy system to a cloud-based system. In my opinion, moving to the cloud should yield definite business benefits. Reduction of cost of the data centre should not be the only reason to move to the cloud as cloud space is not cheap either. Hence, good planning is required.
Babu: How has been your experience in the transformation because your bank was the first to implement a core banking system?
Sony: Not just core banking, we were the first bank to go live in UPI also which was challenging. Today it is easier to get the appropriate funds for innovation and taking banks forward. Our customer focus innovations are now appreciated by one and all. One such example is E-lock which is a single on-off switch for all digital debits. We talk to customers to get to the root of the problem. Which we are trying to solve using the 'new and renew' process.
KNC Nair: For the growth of the bank, customer should be offered unique products and services. We wanted to make disbursing gold loans as easy as drawing money from ATM. After exploring and experimenting we came up with a core banking solution which was developed internally and disburse the gold loan in 15 minutes.
During demonetization, we had another challenge as we deal with cash. Our in-house team came to the rescue and we could scale up the online banking. For effective seamless working, the existing infrastructure has to be re-engineered.
George: Digital transformation cannot be done overnight. Even though we are only 6 years old, certain applications are old. Instead of throwing away the whole legacy system, one can build an ecosystem around it. Or fintech partnerships can be sought.
Denne historien er fra January 2023-utgaven av Banking Frontiers.
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Denne historien er fra January 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
RBI raises limits for cooperative banks
The Reserve Bank of India (RBI) raised The Cooperative Banks (UCBs) to 30 million per borrower and increased their aggregate exposure to housing, real estate, and commercial real estate loans to 25% of total loans.
Empowering Women for Women-Led Growth in India's Viksit Bharat
Highlights of a panel discussion organized by Enqube in Mumbai:
Indian private banks are surmounting the storm
A analytical note by CareEdge on the Indian banking industry paints a positive picture for Indian private banks:
Affordable housing finance sees subdued growth
A recent study by CRISIL shows that affordable housing finance constitutes 34% of the overall housing finance market:
Shift Employees to VPN; Shift Data to Cloud
Ravi Lalwani: Given the massive shift towards mobile, what kinds of cyber frauds have increased the most?
Propelld: 29% women borrowers, of whom 40% are NTC
Propelld is an education loan focused NBFC. Nikunj Agarwal, Head Fundraise, Financial & Alliances, gives insights on women borrowers:
A Quantamental Approach
In a rapidly evolving financial landscape, Shriram Asset Management Company (AMC), under the leadership of Kartik Jain, MD & CEO, combines innovation, technology, and human insight to tackle investor needs and industry challenges.
Confidence Ignite the Spirit
In the rather tumultuous year that passed by, we witnessed several earth-shaking events.
Energizing the body, Calming the mind
Two things learnt in 2024: 1. If something needs to be changed, make the change quickly and avoid wasting time. 2. Focus on improving self-control.
HKMA launches crucial Gen AI sandbox
The Hong Kong Monetary Authority has just launched the first cohort of its Gen AI sandbox focusing on risk management, anti-fraud systems and customer experience:
