Syndicate Bank's FLEXCUBE Deployment Boosts Efficiency

Oracle announced that Syndicate Bank's implementation of I-flex's FLEXCUBE on Oracle Real Application Clusters has improved the bank's business efficiency. Deployed on Oracle Database and Oracle Real Application Clusters, the core banking solution has gone live across the Bank's 1700 branches as of January 2008. As part of the transformation, Oracle provided an IT infrastructure, complete with mission-critical applications and integration services to Syndicate Bank. Syndicate Bank has a network of 2144 branches across the country.

The release mentions that the centralised banking solution has enabled the bank to provide on-line, real-time banking across branches with seamless integration of delivery channels like ATM, tele-banking, Internet Banking and RTGS (Real Time Gross Settlement) among other customer services. In addition, the Oracle based solution has offered the bank the ability to launch new products more quickly, in response to customer requirements and also to improve the banks profitability and staff productivity.

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"Oracle Database and Oracle Real Application Clusters have helped streamline and improve efficiencies of the bank's operations," said C.M. Raman, General Manager of Information Technology, Syndicate Bank. "Before we implemented this IT architecture, our managers often had to wait for a month to receive critical reports. But now, managers are able to access reports daily, thus expediting the decision-making process. This has enhanced the responsiveness and efficiency across the business. The clustered database environment has helped optimise maximum data availability at reduced costs. Not only this, Syndicate Bank achieved a record last year when 101 branches went live on a single day."

"Syndicate Bank pioneered the adoption of innovative IT solutions among Public Sector Banks in India," said SPS Grover, Vice-President, Technology Sales, Oracle India. "Given today's competitive environment, with specialised banking services and banking options as well as more demanding customer behaviour, it has become necessary for banks to adopt IT more innovatively to improve operational effectiveness of their corporate assets. We are delighted to have been able to work with Syndicate Bank to help them achieve their business objectives through innovative and effective adoption of IT."