Science & Technology
Science and Technology
Science and Technology
Tue, October 26, 2010
HP Helps Bank of India Improve Customer Experience, Deliver Anywhere, Anytime Banking Services
AMSTERDAM--([ BUSINESS WIRE ])--HP (NYSE:HPQ) today announced it has helped Bank of India, one of the five largest banks in India, realize increased revenue and profitability, significant cost savings and improved process efficiencies through a major transformation of its business.
"In the past, the technology and branch structure we had in place was severely limiting our ability to meet customer expectations for flexibility and 24/7 access to information and, more importantly, their money"
In collaboration with HP, Bank of India has implemented a core banking solution that is integrated with a new centralized data center and an information management warehouse. This has enabled the bank to transform itself from a branch-centric organization to a truly customer-centric financial institution.
According to an [ independent study ] by research and information services firm [ Thoughtware Worldwide ], HP has helped the bank realize a 234 percent return on investment, a 209 percent internal rate of return and $182 million in savings over a five-year period, with the bank reaching its breakeven point in less than two years.(1) During the same period, Bank of India also doubled its revenues, tripled its profits and expanded its branch network by 22 percent.
Today, Bank of India uses a flexible and scalable architecture to meet the needs of changing market dynamics and to differentiate itself from the competition. The HP solution has enabled Bank of India to aggressively compete with new private sector banks while providing state-of-the-art capabilities, channels and products.
aBank of India wanted to achieve faster time to market for new products and services as well as efficiently allocate resources to free up talent trapped in branches with centralized operations,a said Andy Orent, director, Banking and Capital Markets, Financial Services Industry, HP. aHP used its technology and industry expertise to develop a scalable technology infrastructure that helps Bank of India deliver consistent service levels and an overall improved customer experience.a
With the HP core banking solution, Bank of India now has a platform to tie together all of its channels and information, providing a new way to optimize banking operations and deliver on its arelationship beyond bankinga promise to its customers.
aIn the past, the technology and branch structure we had in place was severely limiting our ability to meet customer expectations for flexibility and 24/7 access to information and, more importantly, their money,a said P. A. Kalyanasundar, chief information officer, Bank of India. aOur partnership with HP has enabled us not only to achieve significant business growth and streamline our operations, but we have succeeded in transforming the customer experience with anytime, anywhere banking services. We now have the ability to bring innovative products to market faster in order to quickly respond to customer needs.a
The comprehensive HP solution provides the growing Bank of India branch network with multichannel, intrabranch connectivity backed by an integrated, consolidated view of its customers and business performance. The solution is composed of a Finacle core banking system along with an Oracle Database 10g running on [ HP Integrity Superdome systems ].
Additional information about HP enterprise offerings for the financial services industry is available at [ http://www.hp.com/go/fsi ].
Additional information about HPa™s collaboration with Bank of India and other financial services offerings is available at the companya™s SIBOS booth A621.
About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The worlda™s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at [ http://www.hp.com ].
(1) aThe Bank of India partners with HP to improve customer experience and deliver anywhere, anytime banking a" realises a 234% ROI,a Thoughtware Worldwide LLC, March 2010.
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This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, includingbut not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected operational and financial results; and other risks that are described in HPa™s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2010 andHPa™sother filings with the Securities and Exchange Commission, including but not limited to HPa™s Annual Report on Form 10-K for the fiscal year ended October 31, 2009. HP assumes no obligation and does not intend to update these forward-looking statements.
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