Kotak Mahindra Bank implements Infosys' Finacle CBS platform

Private sector Kotak Mahindra Bank today announced migration to new Core Banking Solution ( CBS) platform Finacle 10, the latest banking product of leading IT player Infosys Technologies.

The entire implementation, which replaced the bank's legacy core banking system with no disruption to business, was completed in 18 months, Kotak Mahindra Bank president K V S Manian said.

The implementation of Finacle core banking and e-banking solutions was rolled out simultaneously across all the 335 bank branches of the bank.

Finacle 10 was found to be the best fit, both functionally and technologically, Manian said, adding the bank has already seen a 44 per cent increase in the number of accounts added after implementation.

"Banking in this era is technology-driven. To enhance our customer experience, we needed an advanced core banking platform like Finacle, to help us meet the dynamic needs of our customers," he said.

"With this technology transformation program, we're happy that the bank has been able to derive significant benefits in terms of both growth and operational efficiencies," said Finacle Global Head, Haragopal M.

Source: EconomicTimes