The achievement was made possible using the BANCS core banking solution developed by Financial Network Services (FNS) of Australia. The successful roll out at CBI follows landmark implementations of the BANCS solution by TCS at the State Bank of India and Indian Bank in the past 12 months.
FNS Managing Director, Tony Ward, said the successful deployment of BANCS in record time supported FNS's claims about the scalability and ease of deployment of its solution which is now used by some of the world's largest and most progressive banking institutions.
"While the sheer scale of a bank such as the State Bank of India dwarfs most other banks around the world, the speed of implementation at Central Bank of India proves you don't have to be the biggest or most sophisticated bank to be able to use the most advanced core banking solution available. In fact many of the once so-called 'developing nations' are now leading the way in terms of technology and innovation in banking," Mr Ward said.
"Also the fact that the Australian designed BANCS solution has been successfully deployed in a range of markets covering different languages, currencies, banking regulations and cultural requirements, proves it is the gold standard in international banking solutions today."
Meanwhile, TCS Chief Executive Officer & Managing Director, Mr. S.
Ramadorai, said TCS planned to follow up the initial pilot implementation of BANCS at CBI by converting another 25 branches within the next six months - setting yet another benchmark for a solution of this sophistication.
The BANCS solution was selected over rival offerings put forward by partnerships between Infosys and Hewlett-Packard and I-flex and IBM. BANCS is rapidly becoming the de-facto industry standard in India and has been used by a number of award winning banks across Asia including this year's Asia Banker Retail Financial Services (RFS) major award winners, ChinaTrust Commercial Bank and Taishin Bank both of Taiwan.
The scope of the CBI project involves automation of 1000 branches reaching many of CBI's 18 million customers and includes delivery channels for Internet Banking, Phone Banking and Mobile Banking (SMS & WAP). The BANCS solution has been heavily customised to India's regulatory and cultural requirements and interfaces with China Systems' Exim Bills Trade Finance and eTreasury from TCS.
As part of the project, FNS"s Indian-based partner, TCS will also develop and build a new Data Center, Disaster Recovery Center and provide Facilities Management Services for CBI over the next 5 years.
Commenting on the initiative, Mr. Dalabir Singh, Chairman, Central Bank of India said: "The core banking solution is a critical part of our IT strategy. Our technology initiatives are an effort to maintain and develop our competitive position. We are glad to have the technology solution from TCS, Asia's largest software consulting company, which will go a long way in enhancing delivery of superior products and services to our customers."
Meanwhile, TCS CEO and Managing Director, Mr. S. Ramadorai, said: "The mandate from Central Bank of India showcases our unparalleled ability to handle large, complex projects with great speed and efficiency. TCS is committed to delivering value to CBI and the bank's customers will soon be able to access their bank accounts through multiple delivery channels like ATMs, Internet and mobile phones on an 'on-line-real-time' basis.
"The Centralised BANCS Core Banking System will result in efficient and personalized customer service, 24x7 banking through multiple delivery channels, faster time-to-market for new banking products and superior relationship management at the bank. It will also prepare the banking group to meet the dynamically changing Indian banking environment."
Operationally the solution allows fees to be centrally monitored, Interest rates to be easily changed, and reports to be generated centrally. Software distribution complexities can be managed centrally and all major operations are done in the central data center.