1001 branches of Syndicate Bank go live with FLEXCUBE

MUMBAI: Syndicate Bank announced that it has implemented Core Banking Solution (CBS) in 1001 branches with FLEXCUBE®, from i-flex® solutions, the leading technology solutions provider to the global financial services industry, and with IBM as the System Integrator and Implementation Partner.

With this key milestone of having implemented CBS in 1001 branches, Syndicate Bank becomes the first Indian PSB with the unique distinction of having covered 80% of its business under Core Banking.

"Deployment of the FLEXCUBE CBS has enabled single customer view and anywhere, anytime banking, thereby enhancing the scope and quality of customer service. We aim to reach 1500 branches on CBS by March 2007. FLEXCUBE has also helped us launch new products with reduced time-to-market, and delivered through multiple channels including the branches, networked ATMs, internet and telephone, all truly integrated with a centralised database. This has immensely helped the bank in providing consistent, efficient services in a secure environment, with appropriate controls and risk management practices. Our aim is to provide world-class banking facilities to our customers in the most remote areas", said C P Swarnkar, Chairman and Managing Director, Syndicate Bank.

Commenting on the announcement, Deepak Ghaisas, CEO – India Operations and CFO, i-flex solutions, said, "I would like to extend my hearty congratulations to Syndicate Bank on achieving this important milestone. We, at i-flex, are proud to be supporting India’s premier PSB in their relentless focus on customer satisfaction. With FLEXCUBE’s unsurpassed flexibility and scalability, we look forward to a continued partnership with Syndicate Bank to make it a truly global banking entity with global banking practices."

The implementation has helped the bank introduce several services to its customers such as 24x7 banking services, multi city operations, online fund transfers, online e-ticketing for railways, online utility bill payment and online payment of excise duty and service tax.

The Core Banking implementation has also benefited the bank by substantially increasing productivity and reducing manpower, thereby enabling redeployment of man power to functions critical to the bank's business.

CIOL Bureau