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Company: Syndicate Bank
Location: Bangalore
Profile: One of the pioneers in the introduction of information
technology in banking, Syndicate Bank has a network of over 2,100 branches
across the country and has deployed over 500 ATMs. It has tied-up with Visa
International thereby providing access to customers in over 14,000 ATMs in India
and 56,000 Merchant Establishments in India. Syndicate Bank is also a member of
CashTree consortium of 12 member banks in India with a total network of 2,400
ATMs and has a customer base of over 19-million customer base with a global
business of over Rs 1,17,000 crore.
Current IT infrastructure of the company
PCs and desktops apart, the bank has implemented video conferencing at all its
regions of location. Taking advantage of this technology, the bank has recently
introduced distance learning through video conference. Syndicate Bank is a
member of the pilot project of RBI for implementation of cheque truncation in
the National Capital Territory of Delhi and has enabled RTGS at all the core
banking branches. The bank is also authorized to collect direct and indirect
taxes through their designated branches. The technology initiatives of Syndicate
Bank have been rewarded in the form of IDRBT Award for innovative IT
applications on INFINET in the year 2001 and Bank Award for Techno-savvy and
Customer-friendly Services in the year 2003.
Proposed IT infrastructure for 2007
Syndicate Bank has already implemented core banking solution (CBS) in 1,001
branches with FLEXCUBE, from i-flex solutions. With this key milestone of having
implemented CBS in 1,001 branches, Syndicate Bank becomes the first Indian PSB
with the unique distinction of having covered 80 percent of its business under
core banking. The bank aims to reach 1,500 branches on CBS by March 2007. The
FLEXCUBE implementation has helped Syndicate Bank introduce several services to
its customers such as 24x7 banking services, multi city operations, online fund
transfers, online e-ticketing for railways, online utility bill payment and
online payment of excise duty and service tax. The core banking implementation
has also benefited Syndicate Bank by substantially increasing productivity and
reducing manpower, thereby enabling redeployment of manpower to functions
critical to the bank's business.
Current systems suppliers
IBM
Qualities they look for in a supplier
With a 24x7service requirement, the bank needs its supplier to provide
consistent, efficient services in a secure environment, with appropriate
controls and risk management practices. With an aim to provide world-class
banking facilities to customers in the most remote areas, Syndicate Bank looks
for unsurpassed flexibility and scalability in all its solutions.
Subbalakshmi BM
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