SVC Bank to Move Core Banking on Web to Enable Digitization


Shamrao Vithal Co-Operative (SVC) Bank, one of India’s oldest urban co-operative banks, is in the process of shedding its old school image as it moves towards digitization. At the most fundamental level, the bank is re-building its entire core banking system on a web based architecture, which will enable it to adopt new age technologies like mobility, big data, etc. and leverage them to modernize and improve process efficiencies.

According to Shridhar N. Rane, Head – IT, SVC Bank, in order to take advantage of the new technologies the bank had to shift from its existing thick client architecture to web architecture. Besides, the core banking system was also nearing end of life and there were scalability issues with thick client architecture. All of this demanded a revamp.

SVC has already started the transition process. It is likely to be doing end-to-end testing of core banking on web by January 2017 and go live by early 2017. Once its core banking on web gets stabilized, the bank will be ready to offer it to the 95 odd co-operative banks that have sourced their core banking applications from SVC. Those banks that have procured core banking from SVC on a cloud/ASP model will automatically move to the web architecture. For those banks that have purchased core banking licenses, the revamped application on web architecture will be available should they want to purchase it.  

While the transition from thick client to web is in progress within SVC, the bank is looking at adoption of big data to help understand its customers better. Rane points out that big data will help the bank in understanding the patterns in terms of usage, how the clients are behaving, what they are looking for in services, among other things. This information can be used by SVC to service its customers better, improve revenues through cross-selling products as well as help prevent fraud.

As part of its digitization initiative, the bank is also working on making the account opening process digital. This, in Rane’s estimate, will help bring down the time required for account opening from 3-4 days to a few hours.

For the 109 years old bank the move towards digitization will hopefully also signal the start of the digital transformation journey for the 95 co-operative banks that count among its customers for technology.

 

(Image Courtesy: Pixabay.com)

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