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UCO Bank goes for core banking solution

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CIOL Bureau
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BANGALORE: UCO Bank and Hewlett-Packard today announced their collaboration to deploy information technology infrastructure and applications for a period of five years.

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This initiative will enable UCO Bank not only to achieve cost advantages but also derive significant business benefits in the competitive banking environment in India.

Under the terms of the contract, HP will implement and manage a Core Banking Solution (CBS) across 1000 branches of UCO Bank. The CBS solution is based on Infosys' Finacle solution.

The Finacle core banking implementation on HP's computing technology will help UCO Bank customers both in India and worldwide, access its products & services on a 24x7 basis.

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The customers will also have access to banking and financial services anytime, anywhere throughout the world through multiple delivery channels ranging from Internet banking to mobile banking, SMS alerts and integration with existing ATM Switch for ATM connectivity.

HP will also implement and manage an enterprise-wide core banking architecture, which includes delivery channel integration. The bank envisages servicing about 17 million customers running 21 million transactions per day by the end of five years.

“Aligning our business with IT is indeed a giant leap for the bank to compete in the global environment of today. Our collaboration with a technology leader like Hewlett-Packard will help us transform to a top-class bank and achieve sustained growth in business & profitability and provide excellent customer service,” said V Sridar, chairman & managing director, UCO Bank. “This announcement will also enable the bank to increase our focus and streamline our marketing efforts and customer related activities.”

To enable the bank to leverage technology for business transformation and differentiation, it will also be deploying Finacle's e-banking and web-based cash management solutions.

As the system integrator, HP will draw on its extensive network of alliances with industry leaders for the integrated deployment of requisite applications.

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