Reported by: banking|Updated: April 2, 2015
ING Vysya Bank and its technology partner FIS have been named as winners for Best Core Banking Implementation for mid-sized bank award 2015 at the ninth Asian Banker Technology Implementation Awards Program. The awards ceremony was held in conjunction with the Asian Banker Summit 2015, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Hong Kong Convention and Exhibition Centre, Hong Kong on 15 April.
ING Vysya Bank upgraded its core banking system to web based architecture with significant efficiency improvement. The project aimed at two peripheral objectives modernizing desktops across the pan-India region covering over 550 branches and upgrading connectivity to enable speed of operation. The bank has achieved 70% reduction in end-of-day time with the implementation of this system. The complex project, which was completed within 24 months, involved implementation of 70-odd applications, including upgrading to a physical data center and new user interface. The project was successfully implemented with a ‘zero change freeze’ during migration. It also involved creation of generic reusable framework for core banking migrations, known as ‘Factoy Model’ which is now planned to be adopted by other geographies in the ING group.
The new solution implemented has helped the bank in significant reduction in time-to-market and 30% error reduction through maker-checker feature. The solution has enabled various new functional capabilities, leading to an increase of 20% in the transactions volumes for the bank.
The awards program, involving a stringent three month long evaluation process, determined the winners from across Asia Pacific, Middle East and Africa. The winners were honoured at a gala event that recognized their efforts in using the best technology to run their institutions and bring superior products and services to their customers.