Equitas Small Finance Bank, IBM Collaborate On Cloud-Native Banking Platform
The platform aims to deliver a modern, secure experience to Equitas customers.
(Source: Company website.)
Technology major IBM Corp. has announced that Equitas Small Finance Bank Ltd. is collaborating with IBM Consulting to design and build a digital banking platform, that delivers a modern and secure experience to the bank’s customers and partners. The collaboration aims to boost Equitas’ digital products and services offerings, as it evolves its business for a digital-first generation.
Through this collaboration, the Chennai-based microfinance lender is expecting to embark on a high-speed path to leverage technology as a differentiator in its next phase of growth. Equitas aims to commence its modernisation journey with a cloud-native platform architecture that aligns with the bank’s business strategy.
“Equitas SFB, as part of its ongoing digital transformation program, would be focusing on customer experience by leveraging data and analytics to drive omni-channel engagement and enable a platform-driven ecosystem, to make the experience of banking and finance more personalised and empowering. We are confident that this strategic partnership with IBM will help simplify and transform the banking experience for customers across the board,” Narayanan Easwaran, chief information officer of Equitas, said.
To achieve its business objectives, Equitas is working with IBM Consulting to adopt a cloud-native architecture, so that digital channels and applications can securely run across any technology environment. According to the bank, this will help boost operational efficiency and enhance adherence to industry regulatory compliance requirements, while enforcing higher levels of security.
“Evolving consumer demands have made digitisation the need of the hour, especially for the financial services sector, as it scales to newer customer-centric business models. We are leveraging the deep banking industry expertise, coupled with digital experience and cloud capabilities of IBM Consulting to design a modern platform to support Equitas Bank’s digital journey for its customers," said Kamal Singhani, country managing partner, IBM Consulting, India-South Asia.
IBM Consulting will develop and deploy modern web and admin portals for Equitas’ retail banking and corporate banking operations, as well as multi-device banking apps for retail banking.