Infosys Finacle implements Digital Banking Suite at Shivalik Bank

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Infosys Finacle has said it has successful implemented Finacle Digital Banking Suite on cloud for Shivalik Mercantile Co-operative Bank Ltd. This will help the bank to effectively manage scale and power its growth with an on-demand portfolio of products and services.

"The banking industry considers it the right time to move to cloud. It will bring elasticity of operations and has been designed for the mobile-first world," said Venkataramana Gosavi, Senior VP, Infosys Finacle.

Gosavi said the ecosystem for cloud has matured across the world. Further, there is ample regulatory support in India for deploying cloud. He said that more than 60-70% of their clientele has active cloud conversation.

Cloud4c is the cloud technology partner for Finacle's cloud infrastructure for the bank.

Shivalik Bank is a cooperative bank with 31 branches spread across Uttar Pradesh and Madhya Pradesh. The bank has now received the license to expand operations in Delhi and Uttarakhand.

Suveer Kumar Gupta, MD and CEO, Shivalik Bank, said that the bank's focus is on inclusive banking but customer preferences vary from brick bank (bank branches) to click bank (online banking). "Our focus is to target the youth and make banking hassle free," said Gupta.

Shivalik Bank now plans to offer paperless account opening through e-KYC. Harsh Mittal, CTO, Shivalik Bank, said that more than 100 accounts are being opened on a daily basis.

Using the Finacle model, over 3,00,000 customers have been migrated to the Finacle platform to date. At present, 25000 customers engage in internet banking and over 10,000 customers use the mobile banking services. There have been 30,00,000 digital transactions so far.

The co-operative bank transitioned to the new Finacle platform over a period of 12 months. Mittal said that the new model has led to greater operational efficiency for front end users.

Gosavi said that Finacle has provided integrated services to a cooperative bank for the first time in India.