Transforming India’s Core Banking for the 21st Century
Technology enables just about everything, so tech-savvy customers expect real-time solutions from companies that put customers’ needs first. This is especially true in banking, where firms must keep pace with a digital market that constantly offers more personalized and tailored financial services than ever before.
These types of consumer demands led Indian co-op Adarsh Credit Co-operative Society to SAP for help transforming its banking platforms. Adarsh wanted to become more competitive, more quickly bring new products to market and develop a strong product roadmap that did not require extensive customization.
“Banks are increasingly looking for ways to be more efficient and make it easier for customers to use their services through online and mobile channels,” Falk Rieker, global head of SAP’s Banking Business Unit, said in a statement.
So Adarsh unrolled a highly compact implementation plan to transform its core banking platform, focusing on customer centricity, real-time processing and back-office standardization while enabling faster product innovation.
A single-phased implementation of SAP products helped Adarsh achieve a complete system overhaul across all of its business requirements, including Deposit Management, Loans Management, Incentive and Commission Management, and others.
The core banking platform from SAP is an industry-leading reference architecture based on a service-oriented architecture (SoA). It is evidence of SAP’s commitment to providing innovative technology solutions that support meaningful results for banks, as is Gartner’ ranking of SAP as a leader for both its “ability to execute” and “completeness of vision” in its Magic Quadrant for International Retail Core Banking report.
Best run banks like Adarsh embrace core banking transformation out of consideration for customers, shareholder and employees. The co-op is an example of a successful 21st Century transformation.