IBM solution for FEDBANK

27th July 2011 | By Mouseworld Now Correspondent |

BANGALORE: IBM has announced that FEDBANK Financial Services Ltd, a wholly-owned subsidiary of The Federal Bank Ltd, has chose to deploy IBM Power systems to run its business-critical loan origination application.

The bank has selected IBM Power Systems because of IBM platform’s ease of management, cost-effectiveness and price-performance ratio, it said in a press release.

FEDBANK’s plans for rapid growth of its Gold Loans, Mortgage Loans and Car Loans were being impacted by the existing manual loan processes which hampered its performance. So it decided implement a faster, accurate and efficient system for internal processes to achieve desired business growth.

Shome Sengupta, MD and CEO of FEDBANK said, “Investment in technology plays an important role in this transformation – helping improve speed and time to market, increasing the visibility of information, growing our client base and providing the highest level of service to our end users.

IBM’s vast experience of working with leading banks across the globe and in India will bring significant help to the bank, adds Sengupta.

The average number of loans booked today by FEDBANK is 275 per day and is expected to reach 5000 per day by 2013.
To address this, IBM has offered a solution which consists of the software application ‘FinnOne’, from ISV Nucleus software, to handle loan origination, loan services and delinquency/collection management and its Power Systems hardware to run the application.

“IBM Power Systems clearly offer clients an unmatched value proposition, in addition to a robust technology roadmap. The FEDBANK solution is a perfect example of companies turning to IBM’s Power Systems to improve efficiencies, cut costs and better manage their operations while planning for growth,” said Viswanath Ramaswamy, VP – Power Systems, Systems and Technology Group, IBM India/South Asia.

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