UTI Bank's Merchant Banking division headed by Mr. M. M. AGARWAL is quite active in the Corporate Bonds arena and non-SLR Investment Operations contribute significantly to the bank's bottom line.
According to UTI Bank, system selection is a process that involves many components: functionality, technology, integration issues, security, support and service, vendor stability and vendor commitment. The bank also was interested in a software that was flexible enough to handle UTI bankâs specific requirements.
Mr. Prashant Kadam, AVP, UTI Bank ,Treasury Back Office says, " We selected Credence after evaluation of the iDEAL by all the Front-Mid and Back Office users. We also had taken feedback from their existing clients and I should acknowledge that their excellent track record in implementing the system and providing continuous support and development to the exiting client installations has helped them in getting this mandate."
M. R. Rajesh, Marketing Manager, Credence Analytics says, "We are elated to welcome UTI Bank to our growing list of Integrated Treasury and Risk Management Clients. The mandate is a credit to Credence Analytics's team effort in keeping the product updated by continuous improvement to cater to changing market and environmental dynamics in terms of functionalities, processes, reporting and keeping our existing clients satisfied by providing excellent after sales service. Since Credence iDEAL is extremely scalable and flexible, UTI Bank knows that they can continue to grow their operations without worry for years to come while the system keeps step with the changes in the markets they operate."
Credence iDEAL would be interfaced with UTI bank's Core Banking Solution Finacle, to give UTI Bank an end-to-end solution. UTI Bank dealers can conduct pre-deal analytics and then transact using the system. The mid office team can monitor exposures and estimate market risk of their trading portfolio using Credence Value at Risk module, calculate portfolio level risk measures like Duration. The Back Office Operations can ensure that best practices are incorporated in their settlement and accounting functions and generate all necessary MIS and compliance reports from the system.