With cloud computing becoming a new norm for the growing base of fintechs and non-banking players, Co-operative banks face a persistent threat to their continuity. In order to stay relevant and modernize their banking service, Urban Co-operative Bank Shivalik has decided to take its core banking from on-premise to cloud.
The company has migrated its close to 300,000 customers located in Uttar Pradesh and Madhya Pradesh to the cloud. For digitizing its banking services, Shivalik has partnered with Universal digital banking application provider Infosys Finacle. This move will allow Shivalik Bank to expand its retail and commercial banking services online as well add more new-age customers to its kitty.
For Infosys Finacle, Shivalik is the first co-operative bank customer where it is offering end to end banking solution. Undoubtedly, Infosys Finacle is a dominant banking technology provider for large private and public banks as well for global banks. The company intends to cater to all the business opportunities be it large commercial banks, retail, rural banks, and co-operative banks.
Venkatramana Gosavi, Senior VP, global head of sales, Infosys Finacle adds, “ Calling it a bold step taken by a cooperative bank for taking its banking solutions overcloud. Co-operative banks are at the forefront of driving financial inclusion and supporting economic expansion, with deep connect and personalized customer service. With our solution, the bank can rapidly innovate and rollout products and services on demand and easily collaborate with its external ecosystems, including fintechs, digital businesses and non-banking financial service providers.”
Prior to Finacle, Shivalik has had worked with other technology providers for its internet and mobile banking solution such as Veermati, Vsoft technologies, and FIS. “With a large set of customers using the internet and mobile banking, it was imperative for Shivalik to invest in latest and modern banking solutions and match the scalability of the operation. Implementation of Finacle’s integrated digital banking solution is a transformational leap for us in taking forward our digital journey,” says Suveer Kumar Gupta, MD& CEO, Shivalik Co-operative Bank.
“We have been technology-focused bank and moving to the cloud will increase business growth. Currently, we are opening 100 accounts a day and we expect this to grow and our digital experience will help us in adding more customers. We will be rolling out new services such as BHIM, Rupay cards, IMPS, MicroATM to stay competitive,” says Harsh Mittal, CFO, Shivalik Co-operative Bank.