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HP announced it has helped Bank of India realize increased revenue and profitability, significant cost savings and improved process efficiencies through a major transformation of its business.
The core banking solution implemented by Bank of India in collaboration with HP is integrated with a new centralized data center and an information management warehouse. According to an official communiqué, this has enabled the bank to transform itself from a branch-centric organization to a customer-centric financial institution. The solution is comprises a Finacle core banking system along with an Oracle Database 10g running on HP Integrity Superdome systems.
Quoting an independent study by research and information services firm Thoughtware Worldwide, the release adds that HP has helped the bank realize a 234 percent return on investment, a 209 percent internal rate of return and $182 million in savings over a five-year period, with the bank reaching its breakeven point in less than two years. During the same period, Bank of India also doubled its revenues, tripled its profits and expanded its branch network by 22 percent.
"Bank of India wanted to achieve faster time to market for new products and services as well as efficiently allocate resources to free up talent trapped in branches with centralized operations," said Andy Orent, Director, Banking and Capital Markets, Financial Services Industry, HP. "HP used its technology and industry expertise to develop a scalable technology infrastructure that helps Bank of India deliver consistent service levels and an overall improved customer experience."
"In the past, the technology and branch structure we had in place was severely limiting our ability to meet customer expectations for flexibility and 24x7 access to information and, more importantly, their money," said PA Kalyanasundar, Chief Information Officer, Bank of India. "Our partnership with HP has enabled us not only to achieve significant business growth and streamline our operations, but we have succeeded in transforming the customer experience with anytime, anywhere banking services. We now have the ability to bring innovative products to market faster in order to quickly respond to customer needs."
source : crn
The core banking solution implemented by Bank of India in collaboration with HP is integrated with a new centralized data center and an information management warehouse. According to an official communiqué, this has enabled the bank to transform itself from a branch-centric organization to a customer-centric financial institution. The solution is comprises a Finacle core banking system along with an Oracle Database 10g running on HP Integrity Superdome systems.
Quoting an independent study by research and information services firm Thoughtware Worldwide, the release adds that HP has helped the bank realize a 234 percent return on investment, a 209 percent internal rate of return and $182 million in savings over a five-year period, with the bank reaching its breakeven point in less than two years. During the same period, Bank of India also doubled its revenues, tripled its profits and expanded its branch network by 22 percent.
"Bank of India wanted to achieve faster time to market for new products and services as well as efficiently allocate resources to free up talent trapped in branches with centralized operations," said Andy Orent, Director, Banking and Capital Markets, Financial Services Industry, HP. "HP used its technology and industry expertise to develop a scalable technology infrastructure that helps Bank of India deliver consistent service levels and an overall improved customer experience."
"In the past, the technology and branch structure we had in place was severely limiting our ability to meet customer expectations for flexibility and 24x7 access to information and, more importantly, their money," said PA Kalyanasundar, Chief Information Officer, Bank of India. "Our partnership with HP has enabled us not only to achieve significant business growth and streamline our operations, but we have succeeded in transforming the customer experience with anytime, anywhere banking services. We now have the ability to bring innovative products to market faster in order to quickly respond to customer needs."
source : crn
