Central Bank of India ties-up with IBM for analytics

BANGALORE, INDIA: IBM announced that Central Bank of India is leveraging its analytics solutions. With IBM's solution for corporate performance management, Central Bank of India is now able to gain insight into branch and regional office performance.

With the use of analytics, the bank has moved away from spreadsheet based planning to a new process that analyzes daily financial data based on actual performance and potential for growth.

Equipped with planning features, and data capturing at the branch and regional office level, the IBM solution has helped the Bank to uncover new sources of customer value, says a release.

"With the rapid explosion of big data, collecting, sourcing and analyzing real-time data from multiple sources is a growing challenge for banks," said Jeby Cherian, vice president and managing partner, Global Business Services, IBM India/South Asia. "IBM's solution will help convert data into insights that will enable better decision-making and risk management to maximize profits while enhancing customer loyalty."

The entire budgeting exercise of the bank is now conducted through IBM's solution which cuts planning cycle time in half and improves accuracy of financial reporting by automating previously time consuming manual processes and ensuring that systems across the bank's locations and product lines are interconnected, adds the release.