NEWTON empowers Lakshmi Vilas Bank

CHENNAI: ICICI Infotech, a leading provider of end-to-end IT

solutions, Lakshmi Vilas Bank, and Intel have announced that NEWTON, the core

banking solution from ICICI Infotech, powered by Intel Itanium2 processors has

gone live at Lakshmi Vilas Bank.






The NEWTON implementation will further strengthen Lakshmi Vilas Bank's retail
banking operations by allowing its customers to enjoy the benefits of

"anywhere banking", online real-time banking, and extended reach.

Having already gone live in Chennai, Lakshmi Vilas Bank is geared to roll out

ICICI Infotech's NEWTON core banking solution at 100 branches across India.

NEWTON has seamlessly integrated with the Lakshmi Vilas Bank's existing

front-end software (LBS 2001) thereby protecting earlier IT investments made by

the Bank. The solution will streamline operational efficiencies and

significantly improve transaction turnaround time.






Commenting on the implementation, A. Krishnamoorthy, Chairman of Lakshmi Vilas
Bank said: "Technology is a very critical and strategic factor in Lakshmi

Vilas Bank's future growth.






With the implementation of ICICI Infotech's NEWTON using Intel's latest Itanium
2 processors, the bank is poised to leverage technology to enable and sustain

growth and achieve competitive advantage. The deployment of NEWTON will allow

the bank to increase its product offerings, expand the customer base, increase

customer satisfaction levels at a reduced cost and place the bank at par with

other high-tech banks."






He further added: "Given the challenges associated with the integration of
the two disparate systems, we are highly impressed with the innovative solution

offered by ICICI Infotech and the dedication of their team in implementing it.

Through this unique implementation exercise, the effort associated with

re-training the user groups on the new system have been avoided, resulting in

substantial cost savings for the bank. Our already high levels of customer

service will be further enhanced by offering tele banking and Internet banking

facilities, now that the centralized solution is in place. The implementation of

NEWTON is undoubtedly the cornerstone of our growth strategy."






V. Srinivasan, Managing Director & CEO, ICICI Infotech said:
"Technology savvy banks such as Lakshmi Vilas Bank are replacing their

legacy IT infrastructure with robust systems to exploit the advantages of higher

productivity at lower operational costs. NEWTON will provide Lakshmi Vilas Bank

the ability to offer world-class services to its customers."






"NEWTON's scalability and localized features will enable greater customer
satisfaction and enhanced business agility for the bank. The architecture is

highly scalable and will support the bank's future growth.






Commenting on the Intel's role in Lakshmi Vilas Bank's core banking initiative,
Shrikant Patil, Director-Solutions, Intel Technology (I) Pvt. Ltd said,

"The implementation on Intel's Itanium 2 based platform offers Lakshmi

Vilas Bank the performance, flexibility and scalability required for the

mission-critical solution. The solution will provide the bank a great

competitive differentiator and offer enhanced value to the customers. This will

help the bank further consolidate its leadership position."