IndusInd Bank: an investment in knowledge
The Client
IndusInd Bank Ltd
IndusInd Bank, is one of the fastest growing new-generation private-sector banks in India.
The Company's principal activity is to provide banking services, including accepting corporate and retail deposits, providing loans, personal, housing and vehicle financing, commercial and institutional credit, trade finance, forex, capital and commodities market services . IndusInd bank was the first bank in India to offer real time electronic funds transfer to its customers.
Other activities of the Company include providing short term and long-term loans to different sectors such as agricultural sector, small & large-scale industries.
The company successfully completed merger with a group company, Ashok Leyland finance Ltd, a non-banking finance company offering commercial vehicle finance.
Project Deployment Summary:
SEEinfobiz’s Enterprise Application Integration (EAI) system is serving as a centralized corporate information system for all categories of users from top management down to the banking executives at each branch. The system is providing a single interface to business information in a secure manner. The system has the capability to provide statements that receive data from hybrid data sources, displayed in a single view.
Prior to the implementation of the project users were constrained with reporting based on text files generated from the core banking and other systems. Each user within each functional area used to view information in isolation. With no central control over consistent information, business decision making reflected average consistency.
With SEEinfobiz’s solution has provided a central web information platform by integrating various views of information from hybrid database’s delivery into consistent and pleasant viewing. Every related user groups decision making is made efficient, since by base lining the decision making, on a single consistent view of real-time financial information beyond the accounting department.
The company also witnessed a merger between two group companies during the project span. Again SEEinfobiz’s EAI system enabled integrated views of key information indicators like assets /liabilities and profit and loss accounts information divisions in a single view.
SEEinfobiz's EAI system is a core banking reporting system for day-to-day operation which connects every link in the interrelated chain of banking activities, covering as broad aspects as delivery channels such as teller and customer service, and back office like accounting and general affairs. Developed as an industry-standard banking application, it offers integrated functionality with the main modules, such as:
- Banking Operations & Central Processing Unit
- CFO
- Retail & Corporate Banking
- Budgeting & Planning
- Risk Management
- General Ledger
- Profit & Loss
- Government Regulatory Statements.
This exceptional quality creates, seamless point-to-point transitions, from table parameter and customer information recording upon account opening, to loan management and balance sheet processing for executive decision-making. As it runs on a fully centralized network, it supports online inter-branch connection. It entails minimum-effort & zero client installations, itself being a central server in a designated location such as head office. With its integrated design architecture, the solution can be seamlessly integrated with third party applications.
SEEinfobiz is also providing management information, across different areas such as budgeting, depository ATM’s etc. The information is available on historical basis as well as for the current financial year.
The Challenges
- To provide top management employees of IndusInd Bank Ltd a secured, single, comprehensive, consistent and web-enabled view of information and intelligence existing in disparate systems across the enterprise.
- To provide users different ways of looking at the same information scattered across systems (Data "silos" throughout the organization).
- To reduce the enormous amount of time currently being spent for regulatory reporting due to heterogeneous systems
- To reduce dependency on manual, error-prone processes and automating financial controls processes such as data integration and report distribution to reduce the number of reports, versions and touch points.
- To enable integration of key information indicators from a merger of two subdivisions following different lines of business and having their core information in diff systems with completely different platforms and data formats.
Business Benefits, Technical Differentiators
- Reduced support and maintenance costs
- Central control over information access and distribution
- Improved customer service response
- Improved end user productivity
- Online availability of customer and business information to corporate and branch users
- Single format is available for downloading, viewing and printing to customers and end users
- Real-time visibility into current data
- Personalized for different users
- Finance departments are prepared for period closes
- Improved efficiency for speed and resource optimization
- Cached content delivery-no user hitting any operational databases directly
SEEinfobiz's solution enables banking customers to perform virtually the entire spectrum of banking transactions without having to literary travel to their banks on the bank's side.
SEEinfobiz's EAI system enables IndusInd Bank Limited (IBL) to deliver interactive and personalized account e-statements to retail and corporate banking customers. With this solution, IBL can cost efficiently present various statements online including checking, savings, credit card, mortgage, brokerage and combined account statements. Designed to integrate with existing online banking applications and diverse core legacy banking systems, it extends the convenience of paperless account service to a bank's entire customer base, as well as to its call centers and branches. The solution's key features offer an online experience that provides superior service and value to banking customers, while decreasing the cost of servicing those customers.