Chennai: It was five years back when Syndicate Bank became the public sector bank to introduce Core Banking Solution (CBS) and it has not looked back since then. Syndicate Bank has now decided to implement this facility across all its branches. Until now, 93 percent of the bank's branches were having IT enabled core banking solution implemented and the remaining 7 percent will be covered till December this year.
Implementing this technology will provide the bank's customers to transact from any of its branch and the same quality of service covering entire product range will be available across all the branches. Syndicate Bank has used the latest in IT to provide best and innovative banking solutions to its customers.
KLN Joshi, Assistant General Manager of the bank said, “Ours is the first bank to implement CBS among the public sector banks. The five-year experience has put us in a superior position. This has enabled us to introduce several technology-flavoured products like online booking, internet banking, telebanking, e-gateway and ATM sharing. As a result of this technology drive, Syndicate Bank has been awarded the best core banking project for large banks award in 2006 and the Asian Banker IT Implementation Award, also in 2006."
Of the total 42 branches in the region 35 were already networked and have implemented the CBS. These branches are located in the Mandya, Chamarajanagar, Mysore and Madikeri districts. The remaining branches will be covered by December.
Recently the bank had offered an online loan application facility for public, irrespective whether they were having accounts in the bank or not. Using this online loan application facility consumers can easily apply for various loans using internet and a computer from anywhere and the results of their applications will be communicated within 14 days of making the application. The applications will be analyzed centrally and the if approved, the loan will be disbursed to the consumer from the nearest possible branch.
Chief Manager K Ramesh Pai, commenting on this online loan facility said, “This covers almost all loans, except corporate financing. We want to bring in agriculture too also under online facility. Once that is done, we will be the first bank in the country to introduce the facility for farmers among the nationalised banks.”
The bank is also considering expanding its network by adding more ATM's. Five more such machines are to be installed in the Mysore region taking the total to 26 and opening of a rural branch at Yelwal, outskirts of Mysore is also on the cards.
Synd Vidya, Synd Vidyarthi the educational loans, and Synd Jaikisan, the agricultural loan are some of the most popular loan products of Syndicate Bank.