Bank Sohar faced challenges in implementing its core banking solution on an expedited timeline before its official launch. It utilized Finacle's Bank-in-a-Box framework, which provided a pre-configured banking system based on proven practices. Careful planning allowed parallel training and process definition. The solution went live within 56 days, successfully meeting the bank's aggressive deadline and allowing it to achieve its growth objectives through innovative products and services enabled by technology.
Shared services secret 7: Don't be defeated by ERP and ERP Complicationssharedserviceslink.com
This session was presented at '15 Secrets to Shared Services Success" conference organised by sharedserviceslink.com.
To find out more about forthcoming conferences check http://www.sharedserviceslink.com
Super charge your influence wssbsmmg 08272014Ron McIntyre
Simple discussion of Influence in business today. Influence should not be equated to manipulations. We cover a number of roadblocks to avoid and provided some thoughts going forward.
Getting Out Of The Box - A Presentation Design ProcessBrad Klaus
GETTING OUT OF THE BOX is a series of ten guiding questions we’ve developed to help our clients create fresh, engaging, and effective presentations.
Designed by Brad Klaus
Shared services secret 7: Don't be defeated by ERP and ERP Complicationssharedserviceslink.com
This session was presented at '15 Secrets to Shared Services Success" conference organised by sharedserviceslink.com.
To find out more about forthcoming conferences check http://www.sharedserviceslink.com
Super charge your influence wssbsmmg 08272014Ron McIntyre
Simple discussion of Influence in business today. Influence should not be equated to manipulations. We cover a number of roadblocks to avoid and provided some thoughts going forward.
Getting Out Of The Box - A Presentation Design ProcessBrad Klaus
GETTING OUT OF THE BOX is a series of ten guiding questions we’ve developed to help our clients create fresh, engaging, and effective presentations.
Designed by Brad Klaus
THE INFLUENCE OF LEADERSHIP ROLES AND TEAM BUILDING & PARTICIPATION ON TEAM S...Fung Ping
Today, more and more project teams are formed to achieve organizational objectives as organizations generally recognize the importance and benefits of project teams. One of the outcomes working in a project team is the proliferation of Team Shared Mental Models (TSMM). It is critical to examine the antecedents of TSMM which is the aim of this study as TSMM by itself can contribute to project team learning and others. However, it is unclear from literature whether both leadership roles and team building & participation can influence TSMM concurrently especially in a project setting study whereby there is resource and time constraint compare to normal work teams which are ongoing and operational in nature. This has developed a research model underpinned on Cohen and Bailey’s (1997) Team Effectiveness Framework to empirically analyze how leadership roles and team building & participation can predict TSMM. Cross sectional quantitative research with online survey method was used in this study. Partial Least Squares (PLS) were employed whereby SmartPLS v2 was used to perform path analysis. Based on 201 random sample responses from project managers in Malaysia, findings suggest that leadership roles can influence TSMM indirectly via team building & participation. Knowledge contribution of this study is that project managers should invest extra efforts in team building & participation as it is the main contributor to TSMM. Activities of team building & participation can increase interactions among team members which can help generate more TSMM in order to improve project team learning. Discussion, conclusion and limitations are also included in this article.
How great leaders avoid the traps of Self Deception and lead to success, having fun along the way. Watch this clip from the CTE Mentorship program at CA Technologies
EvonSys helped a 200-year-old banking organization to transition from a paper-based process to a technology-driven solution that streamlined the account management process, kept up with evolving customer demands, and complied with regulatory standards. The legacy process was bleeding the bank's MLP 1/2/n, which needed immediate attention.
The project was completed within nine months, meeting all proposed timelines. The solution addressed several pain points of end customers while eliminating the need for needless trips to the branch. Additionally, the items related to MLP 1/2/n were swiftly defined and delivered, improving the bank's revenue earnings.
#banking #technologydriven #regulatorycompliance #customerinteraction #revenueimprovement #centralizedadministration #transactionalvisibility #agilesolution #sustainable #painpoints #MLP1/2/n #legacyprocess #EvonSys
As a project manager, the onus of a project’s success depends on.docxdavezstarr61655
As a project manager, the onus of a project’s success depends on me hence I have to set proper planning, organization, leadership and control. This will facilitate determination of what and when a task is to be done and also who is responsible to do it. It also sets ideal structures through role identification, setting the plan in motion whilst keeping it on track to ensure objective attainment and a successful closure.
Project Title: The Impact of Technology in Banking Industry
Project Executive Summary
This project involves assessment of impact of technology in the banking industry. The primary aim of the task is to justify the need for the banking industry to embrace technological advancement in order to remain competitive against uprising financial technology companies such as Paypal.
Scope and Objectives of the Project
This project consists of integrating the distribution channels, redesigning the bank networks, upgrading services and operations platforms and fortifying the banks’ brands. This will foster the much needed change through promoting transparency, being customer eccentric, swift execution and adapting the right business model commonly referred to as the digital mindset. This impact is expected to transform the banks away from traditional mode of operation by 2020.
Project Deliverables
Scope Statement
Progress Reports
Issues Reports
Periodical Meetings (weekly)
Closure
Project Success
The project will be termed successful if banks achieve bridging the gap between offline and online world, create innovative tools offering convenience to customers, fortify their brands and cement customer loyalty.
Project’s WBS
Level 1
Level 2
Level 3
1 The Impact of Technology in Banking Industry
1.1 Initiation
1.1.1 Evaluation & Recommendations
1.1.2 Develop Project Charter
1.1.3 Deliverable: Submit Project Charter
1.1.4 Project Sponsor Reviews Project Charter
1.1.5 Project Charter Signed/Approved
1.2 Planning
1.2.1 Create Preliminary Scope Statement
1.2.2 Determine Project Team
1.2.3 Project Team Kickoff Meeting
1.2.4 Develop Project Plan
1.2.5 Submit Project Plan
1.2.6 Milestone: Project Plan Approval
1.3 Execution
1.3.1 Project Kickoff Meeting
1.3.2 Verify & Validate User Requirements
1.3.3 Design System
1.3.4 Procure of Materials
1.3.5 Installation
1.3.6 Testing Phase
1.3.7 Install Live System
1.3.8 User Training
1.3.9 Go Live
1.4 Control
1.4.1 Project Management
1.4.2 Project Status Meetings
1.4.3 Risk Management
1.4.4 Update Project Management Plan
1.5 Closeout
1.5.1 Audit Procurement
1.5.2 Document Lessons Learned
1.5.3 Update Files/Records
1.5.4 Gain Formal Acceptance
1.5.5 Archive Files/Documents
.
Excellent presentation on the Agile PMO give by Mr. Stephen Messenger during the Agile Consortium Inner Circle in Brussels on Oct. 23rd.
This presentation addressees key aspects of running agile project and programme offices. The focus is mainly on the introduction and running of project management offices within an agile environment. As agile becomes increasingly popular among development teams within larger organisations frictions often arise between the different ‘cultures’. Often a PMO is seen as the ‘process police’ to be feared rather than a centre of excellence to be called upon for support, guidance and assistance. The PMO is often caught between the projects and the overall organisation, with demands coming from both sides. Getting the best for the business while ensuring the most important projects to the business receive a key focus to ensure maximum success, remains key however.
Similar to Thinking Out-of-the-Box: A Case Study of Bank of Sohar (20)
Finacle Webinar – Innovation in Retail Banking 2013Infosys Finacle
Finacle from Infosys and Efma presented the key findings of their 5th annual report — ‘Innovation in retail banking’ study, at a webinar conduced on 22nd Oct’2013. The study, based on a global survey of banks and interviews with senior bankers, investigates how banks can overcome barriers to innovation and improve their innovation capabilities, as well as banking trends
Finacle from Infosys discusses top 13 Banking Trends for 2013. Banking Industry is undergoing major transformation in it's IT Technology infrastructure to give the best to customers. The analysis also includes real time data to understand the changing requirements, expectations and need of the hour.
Finacle - Bank Customer Service: Click or Dial versus Branch BankingInfosys Finacle
Finacle paper on bank customer service analyses important factors that impact the adoption of technology on the banking ecosystem and how the effective balancing of the human factor against technology adoption can contribute to a fuller realization of banks goals.
Finacle paper on secure coding practices gives an insight into application coding security and highlights how comprehensive approach in security is need to not only secure code but also web servers and databases.
Finacle Digital Commerce solution leverages the power of digital money to unlock new revenue streams, extend distribution reach, and foster customer loyalty for financial institutions, telecom service providers, and retailers.
Finacle Thought Paper - Digital Wallet Success StrategyInfosys Finacle
Finacle thought paper discusses how digital wallet might replace credit cards and cash in near future and list important must have strategies for digital wallet service providers to grow.
Finacle - Agency Banking: New Frontiers In Financial InclusionInfosys Finacle
Finacle thought paper identifies agency banking as a new frontier in financial inclusion. It highlights the important features and benefits of banks emerging with non-financial institutions in order to drive business growth.
Thought Paper: Overview of Banking ApplicationsInfosys Finacle
Card based transactions account for barely 1% of all non-cash transactions by value,in India.Security concerns rank high on the list of barriers to card adoption,not just in this country,but also in those with much higher penetration.
Perspective- Multi Channel Banking: A Five Point Strategy Infosys Finacle
The last two decades have witnessed a paradigm shift in the way people bank. While the shift from branches to ATM based cash withdrawals and from there on to internet banking was slow, it has been a different story in the case of mobile banking. The growth in adoption of mobile banking over the last three years has been tremendous. Many banks have rolled out internet banking, mobile banking, call centers, ATM based transactions and video banking. But, have banks moved from multiple channels to true multi-channel banking with seamless cross channel experiences?
Here we explore a five point strategy that would empower banks and financial institutions to define a robust multi-channel offering.
Thought Paper:Four Strategies to Build the Smarter BankInfosys Finacle
Robert Kiyosaki, American investor and author (of Rich Dad Poor Dad fame), hits the nail on the head when he says, “You have to be smart. The easy days are over.”
As consumers go about trying to manage their money, there is an opportunity for banks to show them that they’re not alone – by being the ideal financial partner that listens, understands needs, shows respect, acts with integrity, serves with a purpose and exceeds expectations through its products, services and financial guidance.
In other words, by becoming a smarter bank.
Perspective: The rise and rise of emerging market banksInfosys Finacle
www.infosys.com/finacle
The emerging market banks which were plagued by excess regulation and inefficiency a few decades back have finally come into their own and are here to stay.
Perspective: Needed, A Holistic Approach to Reputation Risk Management in Banks Infosys Finacle
www.infosys.com/finacle
Technology is the key enabler of risk management. An enterprise-wide risk management solution brings down silos to facilitate integrated risk management and a holistic view of organizational risks.
www.infosys.com/finacle
Perspective: Auditing norms for pki based applicationsInfosys Finacle
www.infosys.com/finacle
In general, the audit norms are similar, however,
PKI-based applications have certain constraints,
which need to be addressed during audit
Mobile Banking – A Transformation of Traditional BankingInfosys Finacle
www.infosys.com/finacle
How comfortable are we with Mobile Banking? Not very much, it seems. Even today, most of us who use mobile banking do so merely to check account information, transfer funds or pay bills. How many of us are aware of mobile technologies like Near Field Communication (NFC) and Remote Deposit Capture (RDC), which have evolved in response to customers’ need for a mechanism to make quick in-store/ transit purchases and check deposits without visiting a branch or an Internet banking site?
http://www.infosys.com/finacle
Mobile banking has often been perceived
either as an extension of internet banking or
as an isolated channel, which can help banks
in minimizing costs and generating better
revenue streams. One of the major reasons
cited for the success of mobile banking is the
omnipresent nature of the channel, which sets
it apart from all the traditional ones. This
differentiator can drive revenues not only from
the mobile perspective but also in conjugation
with other channels. Today, banks need to
carefully study how the mobile can fit into the
overall multi-channel framework in order to truly
leverage the benefits associated with it.
This Knowledge Paper makes an effort to elucidate the concept of remittances in the international context and is focused on the remittances sent by emigrants to their families back home, for domestic consumption and investment. The paper highlights the significance of International Remittances... to the global economy, details existing business models, and examines emerging trends as well as challenges faced by an industry which is to poised to play a bigger role in the globalization process.
Agility in the context of banking doesn’t mean just speed in execution; it also means that the bank is nimble and flexible. Agility helps the bank to win a marathon, as opposed to a hundred meter dash.
2. Bank Sohar
Thinking Out-of-the-Box
OVERVIEW
The Challenge
Bank Sohar is a start up bank in
Bank Sohar, as a start up, was engaged in its recruitment Oman. Bank Sohar’s entry into
process which delayed the start date of the core banking the Oman banking sphere came
solution implementation by two months - until February 2007. about amidst much hype and
However, the deadline date had not changed as the bank’s fanfare. Bank Sohar’s IPO was
CEO strongly requested that the original date of 1st April oversubscribed more than 5
2007, be maintained. Further to this, key decision making times even before the bank
personnel were not on board since beginning and the basic opened, revealing the Omanis’
infrastructure was not in place at the bank’s site. expectations. With a strong
group of promoters behind it,
The Solution Bank Sohar now has an initial
Finacle Bank-in-a-Box (BIAB) framework a new built up capital of 50 million Omani
implementation paradigm that allows a bank to go live on Rial (approx 125 million USD).
Finacle core banking solution in a very short span. It is a Bank Sohar will cover the entire
pre-configured, fully integrated banking transformation range of retail, corporate and
solution based on its proven universal banking solution. investment banking services.
Bank Sohar will focus on specific
The Benefit market segments and a phased
Bank Sohar core banking implementation (Phase1) was approach to launching new
carried out before the bank formally opened its doors to the products and services gradually
public within a record breaking timeframe of 56 days. evolving into a universal bank.
3. Technology is viewed from 3 • The imperatives, when the
perspectives: environment requires pure vanilla
offerings and quick deployment
schedules, are unique. For banks
• The demands that arise from who want to synchronize technology
the complexity of the operating and processes, BIAB offers solutions
environment created by urgent with which organizations can start
imperatives, risk mitigation drivers, leveraging technology benefits
sales roll-outs and so on cannot be from day one.
ignored. Typically, deployment of
• The focus of the bank, that centres
solutions in such an environment around absorbing best-in-class
translates into a period of about processes and banking practices,
18-24 months. The project can needs to be addressed effectively.
exceed this period, as well, if the Technology can help them compete
architecture is complex and mired by aggressively with players in the
inflexible legacy systems. international arena.
Technology Players: Matching the Pace of up, it was engaged in its recruitment process
Banking which impacted the start date. The challenges
included executing a project with key decision
Finacle Bank-in-a-Box (BIAB) framework is a new
making personnel not on board from the beginning
implementation paradigm that allows a bank to go
and basic infrastructure not in place at the bank's
live on Finacle core banking solution in a very short
site. The implementation was delayed by two
span. It is a pre-configured, fully integrated banking
months – until February 2007, however, the
transformation solution based on its proven
deadline date had not changed as the bank’s CEO
universal banking solution.
strongly requested that the original date of 1st April
BIAB is an approach aimed at bringing down 2007, be maintained.
the implementation time and most importantly
This posed significant risks, resulting from
provides customers a ‘best configured banking
completing a four month project in less than two
environment’.
months, which meant that every activity would
The bank wanted to implement the Finacle have to be watertight, without any contingency
universal banking solution – covering the whatsoever. Thus, there was no scope for lags
functionalities of core banking, treasury, e-banking in any activity.
and CRM with interfaces to ATM, SWIFT, Oracle
• It was decided that Finacle Bank-in-a-Box would
GL and RTGS/ACH apart from other third party
be deployed to save time and effort. Since this
products such as NetCast and Omnidocs.
was a new bank, it was deemed that this would
Finacle had allocated four months to complete the also add value in terms of providing a readily
project, however because Bank Sohar was a start available base of best banking practices. The
4. plan was to adopt a ‘recommend’ approach Business owners responsible for sign offs for
rather than a ‘requirement seeking’ approach. each of the days were also listed. Core
training was planned to be performed during
• Detailed project planning was done to carefully
the first half of the day and the BPD
chart out every activity and crunch the activity
immediately afterwards.
to the bare minimum.
• Core team training and Business Process Benefits of Leveraging Technology
Definition (BPD) traditionally done sequentially
were now designed to be performed in parallel. • Bank Sohar core banking implementation
(Phase1) was carried out before the bank
• The BPD document which consisted of multiple
formally opened its doors to the public within a
modules and was traditionally signed off at the
record breaking timeframe of 56 days.
very end was now broken into multiple
documents – to facilitate quick sign offs after • Was executed under a non-negotiable deadline
each module was completed. committed to the bank
• To perform a complete but timely testing • The retail loan module was not part of the
during System Integration Testing and User initial project scope. However, 2 weeks from
Acceptance Testing, Infosys recommended Go Live, the bank requested that at least one
that the bank engage its Finacle Testing services retail loan product be delivered as this was a
unit to carry out this activity, which they did, basic requirement for local customers. Infosys
ensuring timely completion. took cognizance of the bank’s critical need
• Senior management commitment – and decided to meet it through innovative
Unequivocal commitment from the top use of the corporate loan module, since
management throughout the different phases a typical retail loan launch would have taken
of the implementation, paid off. It was defined much longer. Infosys built in all the basic
in the project kick off meeting that all issues features of the retail loan product in the
(on the bank’s side) should be escalated to corporate loan module, positively impacting
the senior management immediately, which revenues from the loans portfolio for the bank.
worked to ensure a disciplined and
• A breakthrough decision taken, resulted in the
smooth implementation.
actual revenue of the loans portfolio growing
• Core team training / BPD – An 18-day workshop to over 10 times the expected target.
was designed with daily activities listed.
No. Of New Branches & Transactions Post Launch:
Name Country Total No. of No of branches Peak Average
Branches on Finacle Transactions Transactions
Bank Sohar Sultanate of Oman 13 13 59023* 24590**
No of Offsite ATMs on Finacle - 11 Data as on August 09
“We are impressed with Finacle Bank-in-a-Box. The speed of deployment has been a
tremendous support for Bank Sohar to achieve its ambitious growth plans and business
objectives of innovation and technology-enabled product and service differentiation”
Dr. Mohamed AbdulAziz Kalmoor
CEO, Bank Sohar
Bank Sohar
5. Functional Diagrams
Standard Finacle Implementation Process
Configuration Testing
Requirements
To-Be-Process and and and
Study
Development Deployment
Simulation Run
Go Live
Stabilization
and
Handover
to GSC
Implementation Process with usage of BIAB
and
of
6. Finacle from Infosys partners with banks to power- Infosys Technologies Ltd. (NASDAQ: INFY) defines,
up their innovation agenda, enabling them to designs and delivers IT enabled business solutions.
differentiate their products and service, enhance Infosys' offerings span business and technology
customer experience and achieve greater consulting, application services, systems
operational efficiency. Finacle solutions address the integration, product engineering, custom software
core banking, wealth management, CRM, Islamic development, maintenance, re-engineering,
banking and treasury requirements of retail, independent testing and validation services, IT
corporate and universal banks worldwide and infrastructure services and business process
provide online marketing tools like Finacle finanz outsourcing. Infosys today has more than a third
tools. Finacle solutions also empower banks with of its business coming from the banking and
multiple sales, service and marketing channels financial services industry and has a strategic
including e-banking, mobile banking and call focus on this segment.
centers. These offerings make Finacle a strong
innovation-facilitator enabling banks to accelerate
growth, while maximizing value from their large
scale business transformation.
USA/LATAM/CARIBBEAN APAC
Vikas Gupta
Mahesh DK
SOUTH ASIA
Venkatramana G
Shubhomoy Banerjee
EMEA
Amit Dua
e-mail: finaclemktg@infosys.com
www.infosys.com/finacle
e-mail: finaclemktg@infosys.com
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