IBM(NYSE:IBM) has announced that the Central Bank of India is adopting its analytics to transform their financial management processes, which includes activities ranging from budgeting to forecasting to liquidity management.
Jeby Cherian, Vice-President & Managing Partner, Global Business Services, IBM India/South Asia, said, "With the rapid explosion of Big Data, collecting, sourcing and analyzing real-time data from multiple sources is a growing challenge for banks. IBM’s solution will help convert data into insights that will enable better decision-making and risk management to maximize profits while enhancing customer loyalty."
With the help of IBM analytics, the Bank has moved away from spreadsheet-based planning to a smarter process that analyzes daily financial data based on actual performance and potential for growth.
"The power of analytics is that it gives us more confidence in our financial reporting, leading to faster, more responsive decision-making. With Single Data Repository solutions, the Bank can gain more visibility inside its own business as well as identify more profitable customers. Thus, these solutions provide great levers for us to identify cross-sell and upsell opportunities and increase customer wallet share," said M. V. Tanksale, Chairman & Managing Director, Central Bank of India.
The entire budgeting process of the Bank is now conducted through IBM's solution in order to improve accuracy of financial reporting and ensuring that systems across the Bank’s locations and product lines are interconnected. This enables the Bank to get real-time insight on performance efficiency as well as the capability to track deposits, loans and non-performing loans data on a daily basis.
In addition, the Central Bank of India has also engaged
