Central Bank of India partners IBM for analytics solution
Mumbai: Technology giant IBM Thursday said Central Bank of India is leveraging its analytics solution to transform its financial management processes.
The deal size was, however, not disclosed.
This deal includes activities ranging from budgeting to forecasting to liquidity management, IBM said in a statement.
As a result of IBM's solution for corporate performance management, the Bank is now able to gain better insight into branch and regional office performance, allowing for further flexibility and quicker shifts in strategy to drive improved results while also maintaining regulatory compliance, it added.
With the use of analytics, the Bank has moved away from spreadsheet-based planning to a smarter process that analyzes daily financial data based on actual performance and potential for growth.
Equipped with specialised planning features and simplified data capturing at the branch and regional office level, the IBM solution has helped the Bank to uncover new sources of customer value, it said.
"With the rapid explosion of Big Data, collecting, sourcing and analysing real-time data from multiple sources is a growing challenge for banks," IBM India/South Asia Vice President and Managing Partner (Global Business Services) Jeby Cherian said.
IBM's solution helps convert data into insights that enables better decision-making and risk management to maximise profits, while enhancing customer loyalty, he added.
IBM has also implemented Static Asset Liability Management Solution, which enables the Bank to reduce liquidity risk and minimise impact of interest rate and foreign exchange rate movements.
"The power of analytics is that it gives us more confidence in our financial reporting, leading to faster, more responsive decision-making," Central Bank of India Chairman and Managing Director M V Tanksale said.
With single data repository solutions, the Bank can gain more visibility inside its own business as well as identify more profitable customers, he added.
"Thus, these solutions provide great levers for us to identify cross-sell and up-sell opportunities and increase customer wallet share," Tanksale said.