Indian co-op bank adopts cloud tech to enhance customer experience

The technology will enable the bank to sell, service and engage with customers in new ways

As customers’ expectations continue to rise, a co-operative bank in India has teamed up with an IT technology provider to expand its digital offer.

Shivalik Mercantile Co-operative Bank is working with Infosys Limited to implement cloud-based technology across the business.

The partnership will give it access to the Finacle Digital Engagement Suite, an omnichannel platform for banks to sell, service and engage with customers.

Shivalik says the platform will enable it to innovate and rollout products and services, on demand, to meet the changing needs of the market. Through an application programming interface repository, the bank will be able to easily collaborate with its external ecosystem, including fintechs, digital business and non-banking financial service providers.

Over 300,000 customers have been migrated to the platform.

The bank operates 31 branches, making it the largest multi-state urban co-operative banks in the state of Uttar Pradesh.

Suveer Kumar Gupta, managing director and chief executive of Shivalik Bank, said: “Without technology modernisation, co-operative banks face a persistent threat to their continuity, with big banks, fintechs and non-banking players investing to continuously expand their customer base. A cloud based, digital transformation solution is a cost-effective way to modernise and expand the business, while giving our customers a world class banking experience.

“Finacle’s integrated digital banking solution has helped Shivalik Bank achieve a transformational leap in its technology base, which together with our robust local knowledge, will help deliver high quality customer service and take forward the ‘Digital India’ Vision”.

Venkatramana Gosavi, senior vice president and head of global sales at Infosys Finacle, said: “Co-operative banks are at the forefront of driving financial inclusion and supporting economic expansion, with deep community connect and personalised customer service. With the ongoing digital disruption in banking, banks in this space are faced with the need to modernise their legacy technology platforms, to ensure they remain relevant to their customers.”