Canara Bank, one of the largest public sector banks in India, has tied up with IBM for its Core Banking solution across 3,057 locations. IBM, increasing its strength across consulting, technology services, and infrastructure management, has executed the Core Banking solution (CBS) and for the next 7 years company will be providing end-to-end support to the bank for smooth operation of CBS.
In August 2005 an agreement was signed between Canara Bank and IBM for the implementation of the comprehensive Centralized Banking solution comprising a suite of 14 satellite applications centered on the CBS. Under the agreement IBM has created design, built, deployed and is providing support to the centralized CBS as well as for the satellite applications.
IBM has also provided support for setting up and managing the data center and disaster recovery infrastructure, by establishing the Local Area Network in over 1,000 branches, monitoring the Wide Area Network of the bank, and managing business continuity services so that bank can easily switch from the data center to disaster recovery mode.
A Canara Bank spokesperson said, “When it comes to technology adoption, Canara Bank has been the front runner in adopting technology among the public sector banks in India. We are pleased to have a dedicated team of IBM experts at Canara Bank, who helped us make informed decisions about the future of our IT environment. Customer-led product and services development, adaptation and innovation are the guiding principles for us. Keeping this in mind, we chose IBM to deliver a complete Core Banking Solution on account of their dedication to the success of the clients and their ability to support the Bank’s business growth. The value proposition of IBM’s overall solution was unmatched.”
Canara Bank through CBS has reached to 45 million customers across India. IBM Global Business Services team has been responsible for the execution of entire solution and integration increasing their banking industry and complex systems integration experiences. The solution is power-driven by IBM POWER7, System x and Storage Technology which is being managed by a team of experts from IBM Global Business Services and Global Technology Services using Tivoli suite of products. Over 2,000 ATMs and 25,000 concurrent users on the system are being supported by this infrastructure resulting to 4 million business transactions everyday.
The IBM has completed its task of implementation of one of the world’s largest integration project around CBS, which acknowledges IBM’s ability to integrate and deliver complex industry solutions. However, in Phase Two the work is being done at more fast pace with over 200 branches getting live every week in India. IBM has also provided latest hardware and software for the fastest data center migration activity in the banking industry.
Sriram Rajan, Vice President, General Business, South, IBM India/SouthAsia said, “Canara Bank India recognized the need to build a robust, dynamic solution to address their current and future expansion plans. Canara Bank is a perfect example of IBM's commitment to help organizations build streamlined, dynamic application and infrastructures that allow them to become more resilient, better positioned for growth and participate in building a smarter planet.”
Thursday, October 7, 2010
Monday, September 13, 2010
Canara Bank to target select customers, provide personalized services
Canara Bank is planning to launch special service to target its select customers. Bank introduces such service on an experimental basis at its Cantonment Branch in Bangalore two years ago and received good response. Hence bank is planning to launch the service in some of its urban branches across the country.
Bank has a clientele base of over 37.5 million, and proposes to infuse more young profile into its client mix. Bank aims to target select customers with its new ‘smart’ customer relationship management (CRM).
Under this program the ‘select’ customers across segments, according to bank who need special attention such as professionals and youngsters with time constraints will be provided personalized services, the bank staff will personally greet them as they walk into their lobbies.
The sensors fitted in the branches will alert the staff as soon as these customers will walk in with chip -based smart cards provided by the bank.
Mr Jagdish Pai K.L., Executive Director, Canara Bank, told Business Line, “The minute the customer walks in, his/her details with photo will pop up on the screens of at least three staff in the branch. The staff will receive the customer and make him/her feel important and take care of the needs.”
All the branches across India has been brought under CBS (core banking solution), the ‘select’ customer will receive specialized service at any of the select branches. Mr Pai, explaining the timing of the service said, “The challenge for every bank, post-CBS, is to leverage technology.”
The bank will also follow a ‘tierisation' procedure in this chip card is useful. He told, ‘tierisation' is one way of identifying these young customers, whose expectations from a bank include technology-based products and understanding their requirements.
He said, mostly people above 50 years of age visit public sector banks, “attracting young people is one of the action points to leverage technology.”
Mr H.S. Upendra Kamath, Executive Director, Canara Bank informed bank is also developing its medium-term business plan, which includes launching products and services sought by the younger generation.
Under this plan bank will be setting up of gen-next branches, mainly to attract young customers-particularly from the IT profession, garnering payroll accounts, generating fee-generating activities, structuring and launching products and services sought by younger generation customers.
Bank has a clientele base of over 37.5 million, and proposes to infuse more young profile into its client mix. Bank aims to target select customers with its new ‘smart’ customer relationship management (CRM).
Under this program the ‘select’ customers across segments, according to bank who need special attention such as professionals and youngsters with time constraints will be provided personalized services, the bank staff will personally greet them as they walk into their lobbies.
The sensors fitted in the branches will alert the staff as soon as these customers will walk in with chip -based smart cards provided by the bank.
Mr Jagdish Pai K.L., Executive Director, Canara Bank, told Business Line, “The minute the customer walks in, his/her details with photo will pop up on the screens of at least three staff in the branch. The staff will receive the customer and make him/her feel important and take care of the needs.”
All the branches across India has been brought under CBS (core banking solution), the ‘select’ customer will receive specialized service at any of the select branches. Mr Pai, explaining the timing of the service said, “The challenge for every bank, post-CBS, is to leverage technology.”
The bank will also follow a ‘tierisation' procedure in this chip card is useful. He told, ‘tierisation' is one way of identifying these young customers, whose expectations from a bank include technology-based products and understanding their requirements.
He said, mostly people above 50 years of age visit public sector banks, “attracting young people is one of the action points to leverage technology.”
Mr H.S. Upendra Kamath, Executive Director, Canara Bank informed bank is also developing its medium-term business plan, which includes launching products and services sought by the younger generation.
Under this plan bank will be setting up of gen-next branches, mainly to attract young customers-particularly from the IT profession, garnering payroll accounts, generating fee-generating activities, structuring and launching products and services sought by younger generation customers.
Thursday, August 12, 2010
Canara Bank raised BPLR by 50 bps to 12.50 per cent
Banks have started raising their benchmark prime lending rates (BPLR). Lately Canara Bank has revised its BPLR upwards by 50 basis points to 12.50 per cent, from 12.00 per cent. The revised rates will be applicable from August 12.
Bank release said, the revised BPLR will not be applicable for loans and advances granted after July 1, 2010, and to those borrowers, who have opted to switch over to base rate system.
However the revised interest rates will be applicable to the borrowers under Micro, Small & Medium Enterprises (MSME), existing housing loans linked to BPLR and Personal Loan schemes.
The RBI in its monetary review on July 27, has raised the short term borrowing (reverse repo) rate by 50 basis points and lending (repo) rate by 25 basis points as a result banks are raising their BPLRs.
RBI seeing the difficult liquidity position in the markets has not changed the cash reserve ratio- the portion of deposits banks are required to park with the central bank in cash.
Bank release said, the revised BPLR will not be applicable for loans and advances granted after July 1, 2010, and to those borrowers, who have opted to switch over to base rate system.
However the revised interest rates will be applicable to the borrowers under Micro, Small & Medium Enterprises (MSME), existing housing loans linked to BPLR and Personal Loan schemes.
The RBI in its monetary review on July 27, has raised the short term borrowing (reverse repo) rate by 50 basis points and lending (repo) rate by 25 basis points as a result banks are raising their BPLRs.
RBI seeing the difficult liquidity position in the markets has not changed the cash reserve ratio- the portion of deposits banks are required to park with the central bank in cash.
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