Polaris Financial Technology Ltd, a specialist in financial services and technology, has deployed its scalable Intellect (News - Alert) Core Banking Solution (CBS) for Nilambur Co-operative Urban Bank Limited (NCUB), an urban co-operative bank in Kerala, India.

Sudhakara, DGM, Nilambur Co-operative Urban Bank Limited, said in a statement, “Being the first Urban Bank in Kerala to implement core banking, we required a solution that would cater to the unique market requirements of co-operative banks in Kerala. Polaris’ central deployment provided the bank with enhanced business and branch expansion at the lowest possible cost.

Using the Intellect core banking solution, NCUB can integrate all its 18 branches and head office seamlessly on a centralized server. The bank will be implementing core banking capabilities in order to boost its operational productivity by replacing the existing legacy system.

The Intellect CBS solution will help NCUB to serve its customers with different deposit and loan products including savings, current, fixed term, NRE and recurring deposits besides business, education, gold, home, mortgage and personal loans.

According to officials, the new solution will customize modules according to the needs of the bank. The modules include pigmy deposit, money at call and short notice deposit, customized solution for loans, automatic down gradation and up gradation of non-performing assets (NPA (News - Alert)), highly customized share module for urban cooperative bank and agency bank clearing (MASK and AIMAS).

The core solution is delivered as a Web-enabled, enterprise platform and its functionality includes banking operations. Also Intellect CBS delivers a comprehensive insight into various customer holdings on a single screen.

NCUB customers will be able to benefit a lot from services like ATM, net banking, mobile banking, channel banking, remittance, demand draft, fund transfer and lockers.

Srinivasan K, EVP and geography head, Indian subcontinent, Middle East, and Africa (IMEA) for Polaris Financial Technology said, “Our modern, functionally rich and highly scalable Intellect CBS will help the bank to attract new customers and retain existing ones as well as achieve its goal of attaining a premier status in Global Transaction Banking.”

Recently, Polaris Financial Technology launched its 8012 FT Design Center, a center for collaborative design. The world’s first center dedicated to financial technology, it was inaugurated in Chennai, India, by Michael Harte, group executive, enterprise services and chief information officer, Commonwealth Bank of Australia.


Edited by Rachel Ramsey