IBM is helping a century-old Indian bank mine new insights from the information that flows through its enterprise.
The global computing company said recently that Central Bank of India has used software from IBM to capture data from across the company. Analysis of the data has helped the bank improve planning, reduce risk and uncover business opportunities, the two companies say.
The Mumbai-based institution, which was founded in 1911, has used IBM's system for corporate performance management to cut planning time by half, track deposits and loans at the company's roughly 4,300 branches on a daily basis, and improve the accuracy of financial reporting by automating processes and tying together systems company-wide, according to IBM.
Central Bank of India also has used IBM's so-called static asset liability management software to reduce liquidity risk and lessen the impact of changes in interest and foreign exchange rates by automating tracking of the bank's roughly 7.5 million trading positions.
The institution also is installing IBM's single data repository, which is expected to give Central Bank of India a holistic view of customers regardless of where they transact with the bank or which services they currently use. The bank can draw on the information to target sales messages to customers that anticipate their needs, according to IBM.
Jeby Cherian, IBM's managing partner for global business services in India and South Asia, said in a press release that "collecting, sourcing and analyzing real-time data from multiple sources is a growing challenge for banks" and that IBM's software "will help convert data into insights" that can improve decision-making, reduce risk and boost loyalty.
"The power of analytics is that it gives us more confidence in our financial reporting, leading to faster, more responsive decision-making," added M. V. Tanksale, Central Bank of India's managing director.
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