Mumbai, May 11, 2012: Lakshmi Vilas Bank, the leading, fast-growing Private Sector Bank today signed a MoU with TCS for centralization of back office operations and document management system.
This arrangement would facilitate centralization of the key processes like account opening, KYC compliance, loans and advances, Trade Finance, ATM card management and many more. This agreement would enable all the branches of the bank to collect applications or request forms from customers and forward them to Central Processing Cell (CPC) for processing. CPC (Central Processing Cell) will be responsible for all centralized business processes and Datacenter (DC) will provide and maintain IT related services like servers, data storage, network etc. The documents comprising of application forms and supporting documents collected at branches will be forwarded to the scan station for scanning and indexing. Primarily the Enterprise Content Management (ECM) will be deployed for data and document management.
The entire process would be implemented in two phases. Phase I would include the processes like Savings Account Opening, Current Account Opening, CC-OD/ Loan Account Opening (Post Sanction), Centralization of account opening under Financial Inclusion and more. Phase II will include Trade Finance, Opening Demat Accounts and 3 in 1 Accounts
Speaking on the occasion Mr. P.R. Somasundaram, MD & CEO, Lakshmi Vilas Bank said, “Centralisation is a natural and significant step in our journey towards leveraging technology for providing a faster, efficient and standardized service without, of course, losing our traditional ‘personal touch’ through our fairly large network. We were looking for a technology partner who could bring in a banking-specific solution to the table to centralize the bank’s back office operations and document management system. This tie-up will assist the Bank in providing a single platform that can be used for centralizing all the processes.”
Mr. G Srinivasa Raghavan, Country Head, India Business, TCS added, “Banks are increasingly focusing on simplifying branch operations for enhanced customer experience and integrate back office operations for higher employee productivity. TCS is delighted to partner with LVB in helping them transform branch processes and help establish integrated back office operations for higher cost efficiency”
