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IndusInd Bank selects Finacle for core banking transformation

IndusInd Bank selects Finacle for core banking transformation
PTI
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First Published: Mon, Apr 25 2011. 06 28 PM IST
Updated: Mon, Apr 25 2011. 06 28 PM IST
Mumbai: IndusInd Bank on Monday announced it has selected Finacle core banking solution version 10 of Infosys Technologies for its core banking transformation.
“We are confident that Finacle will help significantly scale up our customer base and branch footprint besides improving productivity,” IndusInd Bank MD and CEO Romesh Sobti said in the financial capital.
Finacle, built on new generation technology, will enable IndusInd Bank to accelerate innovation and stay ahead of emerging customer demands, Sobti said.
The bank believes in driving its business through technology. The bank will make significant investment over the period of next five years in this technology, Sobti said, adding the bank has no plans to raise funds in the near future.
Commenting on growth plans, Sobti said the bank plans to increase its branch network from the present 300 to 750 branches and expects to double its customers base to 4 million by 2014.
As the first step in the transformation journey, IndusInd Bank has already successfully implemented Finacle e-banking solution to facilitate the delivery of state-of-the-art banking services online and enhance customer experience, IndusInd Bank COO Paul Abraham said.
The bank sits at the cusp of significant growth both in terms of its physical distribution and the range and sophistication of its product suite, Abraham said.
“India is a hotbed of opportunities for progressive enterprises, like IndusInd Bank, that understand the potential of technology to create and sustain customer experience-led growth.
We look forward to partnering with IndusInd Bank to help them achieve their strategic objectives, Infosys Technologies, Global Head - Finacle, Haragopal Mangipudi said.
IndusInd Bank hopes to grow by 25-30% in the current year and sees significant growth in consumer business segment, Sobti said.
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First Published: Mon, Apr 25 2011. 06 28 PM IST