Cloud computing-silver lining for cooperative banks in India
Cloud computing: Silver lining for cooperative banks
"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 of the Sree Charan Souharda Cooperative bank. By implementing the cost effective, state-of-the-art Core Banking Solution being delivered via the 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.1
“The implementation will help us add new customer services and also centralize mission-critical operations such as real-time transaction processing in six branches across Pondicherry,” said R Muralidharan, IT Administrator at the Pondicherry Co-operative Urban Bank. He added that the cloud solution will help us offer enhanced financial solutions to its customers including Internet banking, online money transfer, ATM Services and mobile banking. Muralidharan believes that as cooperative banks in India are constantly faced with newer regulations challenges, they are expected to strengthen their focus on IT-related compliance so that they can effectively compete with other private or nationalized banks and serve customers in a proactive manner. “The deployment of Core Banking Solution on IBM SmartCloud, will enable us to operate from a single location at greater efficiency.”2
These are the recent success stories of implementation of Cloud computing in two cooperative banks in India. This shows technology has pervaded all walks of life and banking is no exception. Banking today has moved out of the confines of a physical building and reached the doorstep of millions of customers. Alternate channels such as ATM,
"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 of the Sree Charan Souharda Cooperative bank. By implementing the cost effective, state-of-the-art Core Banking Solution being delivered via the 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.1
“The implementation will help us add new customer services and also centralize mission-critical operations such as real-time transaction processing in six branches across Pondicherry,” said R Muralidharan, IT Administrator at the Pondicherry Co-operative Urban Bank. He added that the cloud solution will help us offer enhanced financial solutions to its customers including Internet banking, online money transfer, ATM Services and mobile banking. Muralidharan believes that as cooperative banks in India are constantly faced with newer regulations challenges, they are expected to strengthen their focus on IT-related compliance so that they can effectively compete with other private or nationalized banks and serve customers in a proactive manner. “The deployment of Core Banking Solution on IBM SmartCloud, will enable us to operate from a single location at greater efficiency.”2
These are the recent success stories of implementation of Cloud computing in two cooperative banks in India. This shows technology has pervaded all walks of life and banking is no exception. Banking today has moved out of the confines of a physical building and reached the doorstep of millions of customers. Alternate channels such as ATM,