Transfers and remittances delayed, customers waiting more than usual for demand drafts or making a deposit at neighbourhood branch of the Indian Overseas Bank… well all these will soon be a thing of the past.
IOB has transitioned to a new Core Banking Solution (CBS) that will power services faster and more efficiently.
R Koteeswaran, Managing Director and Chief Executive Officer, IOB, says the bank’s own CBS had outlived its utility and it has opted to get the latest operating system Finacle 10, which works on Linux platform.
Unlike the previous system, downtime will be eliminated and the CBS will be available continuously and underpin IOB’s new offerings.
Koteeswaran pointed out that in 2014-15 over 37,000 transactions were carried out over the Internet. In the 10 months of the current fiscal, they have nearly doubled to 66,000 and are set to multiply. Mobile transactions have increased from about 67 a day to about 4,500, he added. Customers are increasingly managing without having to visit bank branches. ATMs dole out cash, printout pass books and soon will start accepting cash deposits.
IOB is working on a mobile app and it hopes to offer e-wallet facilities and set up 600-700 passbook printers at kiosks by March. Bulk note acceptors are being tested and by April-May there will be 200 units in place, says Koteeswaran.
Hewlett Packard Enterprise has implemented Finacle 10 at IOB and also has a long-term contract to maintain the services.
The challenge was in maintaining the older system and transitioning to the new system, which were also the cause of some issues in customer service. Except for some teething troubles, the system is being smoothly implemented and will get better fast, Koteeswaran said.