Press Release on Unaudited Financial Results for the third quarter of FY 2012-13.
Lakshmi Vilas Bank signs MoU with TCS for centralization of process
This arrangement would facilitate centralization of the key processes like account opening, KYC compliance, loans and advances, Trade Finance, ATM card management and many more. This agreement would enable all the branches of the bank to collect applications or request forms from customers and forward them to Central Processing Cell (CPC) for processing. CPC (Central Processing Cell) will be responsible for all centralized business processes and Datacenter (DC) will provide and maintain IT related services like servers, data storage, network etc. The documents comprising of application forms and supporting documents collected at branches will be forwarded to the scan station for scanning and indexing. Primarily the Enterprise Content Management (ECM) will be deployed for data and document management.
The entire process would be implemented in two phases. Phase I would include the processes like Savings Account Opening, Current Account Opening, CC-OD/ Loan Account Opening (Post Sanction), Centralization of account opening under Financial Inclusion and more. Phase II will include Trade Finance, Opening Demat Accounts and 3 in 1 Accounts
Speaking on the occasion Mr. P.R. Somasundaram, MD & CEO, Lakshmi Vilas Bank said, “Centralisation is a natural and significant step in our journey towards leveraging technology for providing a faster, efficient and standardized service without, of course, losing our traditional ‘personal touch’ through our fairly large network. We were looking for a technology partner who could bring in a banking-specific solution to the table to centralize the bank’s back office operations and document management system. This tie-up will assist the Bank in providing a single platform that can be used for centralizing all the processes.”
Mr. G Srinivasa Raghavan, Country Head, India Business, TCS added, “Banks are increasingly focusing on simplifying branch operations for enhanced customer experience and integrate back office operations for higher employee productivity. TCS is delighted to partner with LVB in helping them transform branch processes and help establish integrated back office operations for higher cost efficiency.
The Bank has a national presence serving over 2.00 million satisfied customers through its 290 branches, spread across 15 States and 1 Union Territory. The bank has a network of 543 ATMs; however, customers can access over 96000+ ATMs across the country. The Bank continues to invest behind its network for improved reach and customer service. The bank has introduced several new products & services like international debit card, POS, Demat, NPS & Doorstep banking etc. With twin purpose of expanding client base & involving ourselves in the financial inclusion call by the apex bank, our Bank also actively participated in Financial Inclusion project and completed first phase of project by way of engaging of Business Facilitator model and Business Correspondent model.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 238,583 of the world's best trained consultants in 42 countries. The Company generated consolidated revenues of US $ 10.17 billion for year ended 31 March, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com
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