HP Helps Bank of India Improve Customer Experience, Deliver Anywhere, Anytime Banking Services
AMSTERDAM, Netherlands, Oct. 26, 2010 -- HP today announced it has helped Bank of India, one of the five largest banks in India, realize increased revenue and profitability, significant cost savings and improved process efficiencies through a major transformation of its business.
In collaboration with HP, Bank of India has implemented a core banking solution that is integrated with a new centralized data center and an information management warehouse. This has enabled the bank to transform itself from a branch-centric organization to a truly customer-centric financial institution.
According to an independent study by research and information services firm Thoughtware Worldwide, HP has helped the bank realize a 234 percent return on investment, a 209 percent internal rate of return and $182 million in savings over a five-year period, with the bank reaching its breakeven point in less than two years.(1) During the same period, Bank of India also doubled its revenues, tripled its profits and expanded its branch network by 22 percent.Today, Bank of India uses a flexible and scalable architecture to meet the needs of changing market dynamics and to differentiate itself from the competition. The HP solution has enabled Bank of India to aggressively compete with new private sector banks while providing state-of-the-art capabilities, channels and products.
“Bank of India wanted to achieve faster time to market for new products and services as well as efficiently allocate resources to free up talent trapped in branches with centralized operations,” said Andy Orent, director, Banking and Capital Markets, Financial Services Industry, HP. “HP used its technology and industry expertise to develop a scalable technology infrastructure that helps Bank of India deliver consistent service levels and an overall improved customer experience.”
With the HP core banking solution, Bank of India now has a platform to tie together all of its channels and information, providing a new way to optimize banking operations and deliver on its “relationship beyond banking” promise to its customers.
“In the past, the technology and branch structure we had in place was severely limiting our ability to meet customer expectations for flexibility and 24/7 access to information and, more importantly, their money,” said P. A. Kalyanasundar, chief information officer, Bank of India. “Our partnership with HP has enabled us not only to achieve significant business growth and streamline our operations, but we have succeeded in transforming the customer experience with anytime, anywhere banking services. We now have the ability to bring innovative products to market faster in order to quickly respond to customer needs.”
The comprehensive HP solution provides the growing Bank of India branch network with multichannel, intrabranch connectivity backed by an integrated, consolidated view of its customers and business performance. The solution is composed of a Finacle core banking system along with an Oracle Database 10g running on HP Integrity Superdome systems.
Additional information about HP enterprise offerings for the financial services industry is available at http://www.hp.com/go/fsi.Additional information about HP’s collaboration with Bank of India and other financial services offerings is available at the company’s SIBOS booth A621.
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP (NYSE: HPQ) is available at http://www.hp.com/.
(1) “The Bank of India partners with HP to improve customer experience and deliver anywhere, anytime banking – realises a 234% ROI,” Thoughtware Worldwide LLC, March 2010.
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