Shivalik partners with Infosys for Digital Banking

NEW DELHI: Shivalik Mercantile Co-operative Bank Ltd has partnered with Infosys Finacle to implement the Finacle Digital Banking Suite on cloud. Delivered as a subscription, the service includes the Finacle Core Banking and Finacle Digital Channels solutions, with internet and mobile banking offerings. Over 300,000 unique customers have been migrated to the Finacle platform till date, the company said.

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “Co-operative banks are at the forefront of driving financial inclusion and supporting economic expansion, with deep community connect and personalized customer service. With the ongoing digital disruption in banking, banks in this space need to modernize their legacy technology platforms, to ensure they remain relevant to their customers.”

Working with end-to-end managed services, the bank shifted its banking platform from a capital expense model to an operational expense model, ensuring that the bank only pays for what it uses without significant upfront investments.

Suveer Kumar Gupta, MD & CEO, Shivalik Bank said, “Without technology modernization, cooperative banks face a persistent threat to their continuity, with big banks, fintechs and non-banking players investing to continuously expand their customer base. A cloud based, digital transformation solution is a cost-effective way to modernize and expand the business, while giving our customers a world class banking experience.