LVB goes live
ICICI Infotech, a leading provider of end-to-end IT solutions, and Lakshmi Vilas Bank, a well-established private sector bank, and Intel, the renowned manufacturer of computer chips and other products, have jointly announced that NEWTON(tm) the core banking solution from ICICI Infotech, powered by Intel Itanium-2 processors, has gone live at Lakshmi Vilas Bank.
The NEWTON(tm) implementation will further strengthen Lakshmi Vilas Bank's retail banking operations by allowing its customers to enjoy the benefits of "anywhere banking", online real-time banking, and extended reach. Having already gone live in Chennai, Lakshmi Vilas Bank is geared to roll out ICICI Infotech's NEWTON(tm) core banking solution at 100 branches across India.
Benefits to Lakshmi Vilas Bank
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Existing investments in IT infrastructure have been protected
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User re-orientation is minimal as the front-end is retained
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Ease of transition facilitating smooth switchover
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The enterprise data repository will augment the executive and decision support capabilities of the bank
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The novel system architecture allows the branches to carry on business even in the event of network failures
NEWTON(tm), has seamlessly integrated with the Lakshmi Vilas Bank's existing front-end software (LBS 2001) thereby protecting earlier IT investments made by the bank. The solution will streamline operational efficiencies and significantly improve transaction turnaround time.
Lakshmi Vilas Bank chairman A. Krishnamoorthy said: "Technology is a very critical and strategic factor in Lakshmi Vilas Bank's future growth. With the implementation of ICICI Infotech's NEWTON(tm) using Intel's latest Itanium-2 processors, the bank is poised to leverage technology to enable and sustain growth and achieve competitive advantage. The deployment of NEWTON(tm) will allow the bank to increase its product offerings, expand the customer base, increase customer satisfaction levels at a reduced cost and place the bank on a par with other hi-tech banks."
He further added, "Given the challenges associated with the integration of the two disparate systems, we are highly impressed with the innovative solution offered by ICICI Infotech and the dedication of their team in implementing it. Through this unique implementation exercise, the effort associated with re-training the user groups on the new system have been avoided, resulting in substantial cost savings for the bank. Our already high levels of customer service will be further enhanced by offering tele-banking and Internet banking facilities, now that the centralised solution is in place. The implementation of NEWTON(tm) is undoubtedly the cornerstone of our growth strategy."
V Srinivasan, managing director & CEO, ICICI Infotech, said: "Technology-savvy banks such as Lakshmi Vilas Bank are replacing their legacy IT infrastructure with robust systems to exploit the advantages of higher productivity at lower operational costs. NEWTON(tm) will provide Lakshmi Vilas Bank the ability to offer world-class services to its customers."
NEWTON(tm)'s scalability and localiszed features will enable greater customer satisfaction and enhanced business agility for the bank. The architecture is highly scalable and will support the bank's future growth.
Commenting on Intel's role in Lakshmi Vilas Bank's core banking initiative, Shrikant Patil, director - solutions, Intel Technology (I) Pvt Ltd, said, "The implementation on Intel's Itanium-2-based platform offers Lakshmi Vilas Bank the performance, flexibility and scalability required for the mission-critical solution. The solution will provide the bank a great competitive differentiator and offer enhanced value to the customers. This will help the bank further consolidate its leadership position."
