2. Bank, formerly United Commercial Bank,
established in 1943 in Kolkata, is one of the
oldest and major commercial banks of
India. Ghanshyam Das Birla, an eminent Indian
industrialist, during the Quit India movement of
1942, had conceived the idea of organizing
a commercial bank with Indian capital and
management, and the United Commercial Bank
Limited was incorporated to give shape to that
idea. The Bank was started with Kolkata as its
Head Office with an issued capital of 2 crores
and a paid-up capital of 1 crore.
3. Centralized online real-time environment
Transactions take place at various locations
Updating of Central Database on RealTime
Basis
Report Generation at Back-End
Access Control
4. What is CBS – An Overview
Central
Server
Phone
Banking
Internet
Banking
Mobile
Banking
Branch
BackOffice ATM
Switch
Data
Warehouse Credit-Card
System
5. Core banking is services provided by a group of
networked bank branches. Bank customers may access
their funds and other simple transactions from any of
the member branch offices.
Core Banking is normally defined as the business
conducted by a banking institution with its retail and
small business customers. Many banks treat the retail
customers as their core banking customers, and have a
separate line of business to manage small businesses.
Larger businesses are managed via the corporate
banking division of the institution. Core banking
basically is depositing and lending of money.
6. The objective of the Project is to
implement a Centralized Core Banking
Solution to the two Regional Rural
Banks sponsored by the Bank to provide
the benefits of centralization including
delivery channels, payment systems etc.
in phases and to help implementation of
Financial Inclusion.
7. Limited Professional Manpower to be utilized more effectively
Customer can have anywhere, more convenient and easier banking
ATM, Internet Banking, Mobile Banking, Payment Gateways, Referral
Business
Additional Manpower available for Marketing, Recovery and Personalized
banking
Instant Information availability for decision support
Quick and Accurate Implementation of Policies
Improved Recovery Process causing reduction on recovery costs, NPA
Provisions
Electronic Transactions with Other Financial Institutions
Increased Speed in working resulting in more business opportunities and
reduction in penalties, legal expenses etc
8. This initiative will enable UCO Bank not only to
achieve cost advantages but also derive significant
business benefits in the competitive banking
environment in India.
Under the terms of the contract, HP will implement
and manage a Core Banking Solution (CBS) across
1000 branches of UCO Bank.The CBS solution is
based on Infosys' Finacle solution.
The Finacle core banking implementation on HP's
computing technology will help UCO Bank customers
both in India and worldwide, access its products &
services on a 24x7 basis.
9. The customers will also have access to
banking and financial services anytime,
anywhere throughout the world through
multiple delivery channels ranging from
Internet banking to mobile banking, SMS
alerts and integration with existingATM
Switch for ATM connectivity.
10. By this I conclude the overall growth in the core
banking application market can best be
described as stagnant, there are regions that
continue to invest. Eventually though, banks
that continue to postpone replacement will need
to update their platforms. As vendors compete
in the current market and prepare for that time,
the vendor landscape will continue to
consolidate as the larger competitors take the
opportunity to fill out a comprehensive solution
footprint on modern architectures.
