Network design Cisco has tied up with PNB to evolve the network design and implement a nationwide network backbone to connect all its offices. Cisco will assist the bank in understanding and implementing the various technologies associated with the project. The converged network infrastructure allowed PNB to standardize the applications and software needed to provide the banking services. The various branches are connected to the data center using new-world routing and switching technologies.
Storage systems The bank has followed RBI's storage requirement guidelines. Provisions have been made to store transaction data for around 10 years. In some cases, data is stored permanently. Around Sun enterprise class servers are used in DAS architecture. The total capacity is of multiple TBs. The Sun hardware uses an in-built storage management tool. The bank tried a number of connectivity options.
It also used Bharti's leased line between Mumbai and Delhi. The bank also used Reliance Infocomm's fiber optic backbone along with the leased lines in locations where the optic fiber does not reach. The network is monitored remotely and can also be viewed at the bank's IT facility, where a separate monitoring system is used. Security Systems Security was especially important because the bank could afford no compromise. The security architecture had to be robust, reliable, and scalable to meet current and future needs.
Cisco was chosen as the service provider who could meet these stringent requirements. All data transactions between its routers and switches are encrypted. It has appointed Ramco Systems as the security integrator.
The security integrator is responsible for the complete security infrastructure and is answerable for any security breach or lapse. The bank appointed security administrators. A payroll system keeps track of the money paid to employees.
The master file is composed of discrete pieces of information such as a name, address, or employee number called data elements. Data are keyed into the system, updating the data elements. The elements on the master file are combined in different ways to create reports of interest to management and government agencies and to send paychecks to employees. This report is checked and approved by the branch manager after which cheque is issued to the employee.
Online Assistance PNB provides its customers online assistance by providing i-banking, online complaints, providing them information about various products and services. These complaints and assistance are processed by customer care services executive. Account Opening In account opening the MIS is used, every information about the customer is recorded like their name, address, account, type of account, account information, their sample signature, these helps in Identification of customer instantly and creating a database at faster rate.
The banks that participate on this network could issue the cards to customers for transacting on networks. Bank offers this immediate electronic fund transfer facility to RTGS enabled bank branches across through the country its designated RTGS enabled locations. Mobile Alert Service The clients now have the facility to subscribe to Mobile Alert Service for receiving alerts on registered mobile phone numbers instantly after the funds are pooled. Impact of Information Systems An information system is there to empower its users.
A database simply provides data, but an information system is all about providing the best information the user needs to do their task more effectively. It also takes into account that different users doing their own specific tasks may need to see their information presented in differing ways.
The benefits of an information system follow when the user can quickly access, understand and respond correctly to that information. The system provides information on the past, present and project future and on relevant events inside and outside the organization. Finacle core banking solution is a comprehensive, integrated yet modular business solution that effectively addresses the strategic and day-to-day challenges faced by banks.
It is highly parameterizable providing that much-needed flexibility to adapt to a dynamic environment. The solution has an integrated CRM module enabling banks to offer a rich and differentiated value proposition to customers.
The functionality-rich modules in the solution provide banks with a varied palette of features to continuously innovate on their product and service offerings. With Finacle core banking solution, banks can meet the challenges of managing change, competition, compliance and customer demands effectively.
The product bundling capabilities of the solution offers a wide range of possibilities for banks to create products with innovative features. The facilities provided for differential pricing, channel rules and customization through Finacle Studio — the scripting engine, empower banks to continuously innovate and extend their suite of products, across segments. Robust Cross-sell Framework The CIF and CRM capabilities in Finacle offer a unified view of the customer across the entire solution and across multiple back-end applications, enabling the bank to view the customer from a completely informed angle.
This empowers banks to effectively manage customer relationships and aggressively explore cross-sell opportunities. The elimination of error and data redundancies also results in increased branch productivity. Straight through Processing STP abilities enhance reduction in turnaround and processing time, increasing output and enabling speedy completion of tasks. The multilingual web-based single repository of information enables remotely located bankers to collaborate and transact seamlessly.
Impact on Employees Information System serves employees with user friendliness, easy storage and access of data, removal of redundancies, fastening up of the processes and providing up of multiple views at same time. In beginning the issues were mostly cultural. Most staffers were used to working in a manual environment, and some had worked in standalone environments. Some Banks have already migrated to Finacle 10 whereas some are under implementation. Finacle 10 is the upgraded version of the flagship product of Infosys, which is being worldwide bank various banks.
If your bank has also migrated to Finacle 10 or is in the process of migration, you might be looking for the finacle 10 commands. Finacle 10 menus are different from the existing finacle version. Dish TV seeks to postpone AGM, says directors can't be removed without nod Dish TV India, one of the largest direct-to-home satellite broadcasters in the world, said a shareholder resolution calling for the….
Banks beat IT cos in job growth, media sees biggest fall Industries such as banking and financial services and insurance BFSI , and production and manufacturing showed the highest growth in hiring…. On top of the base product, the localization components are built to support regional requirements.
Banks have the flexibility to pick and choose the system components. They can choose customized solutions such as Finacle retail banking or single module such as demand deposits. Banks can practice agile implementation with the ability to quickly deploy only the components they need at first and enhance them later as required. In the post-pandemic era, banking customers strongly expect a smooth experience from banks more than ever. To deliver uninterrupted and seamless operations, banks should leverage the power of digitalization.
Finacle addresses the core-banking requirements of financial institutions to drive business excellence. Banks can gain a comprehensive set of capabilities to transform themselves into the digital landscape. Connect with us to get a Free Finacle Consultation. Everything you need to know about Finacle in Banking. This Blog Covers: What is Finacle? Talk to our expert.
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