IBM announced that FEDBANK Financial
Services, a wholly owned subsidiary of Federal Bank, one of India’s leading
private sector banks, selected IBM Power systems to run its business
critical loan origination application.

 

FEDBANK has selected IBM Power Systems
over Oracle and HP because of the
IBM platform’s ease of management, cost-effectiveness and price-performance
ratio.

 

FEDBANK’s plans for the rapid growth of its Gold Loans,
Mortgage Loans and Car Loans were being impacted by the existing manual loan
processes which hindered performance.  As a result, FEDBANK set out to implement a faster, accurate and more efficient
system for their internal processes to enable the desired business growth.

 

As a company, FEDBANK has been committed to transform
itself into a leader amongst our peer group of Non Banking Financial
Corporations. 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 to the table not just
unmatched technology, but the industry expertise that we believe will be of
significant help,” said Shome Sengupta, managing
director & CEO of FEDBANK Financial Services.

 

The average number of loans booked today by
FEDBANK is 275 per day; these are
expected to reach 5000 per day by 2013. In addition, FEDBANK expects to grow
the current number of 92 branches to 1250 branches by 2013.

 

To address this aggressive business growth,
IBM is delivering a robust solution comprising of the software application
-FinnOne’, from ISV Nucleus software, to handle loan origination, loan services
& delinquency/collection management and IBM’s Power Systems hardware to run
the application.

 

IBM is pleased to further extend our engagement with
FEDBANK with this recent implementation.” said Viswanath Ramaswamy, vice
president – Power Systems, Systems and Technology Group, IBM India/South Asia. 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.”

 

By Telecomlead.com Team
[email protected]