India-based Equitas Small Finance Bank has announced its partnership with IBM Consulting to develop a cutting-edge digital banking platform that offers a secure and modernized banking experience to its customers and partners.
The collaboration aims to enhance Equitas’ digital products and services as it adapts to the needs of the digital-first generation. By leveraging technology as a key differentiator, Equitas aims to accelerate its growth in the digital era.
As part of its next phase of expansion, the bank aims to embark on a journey of digital transformation by adopting a cloud-native platform architecture that aligns with its business strategy.
“This initiative will improve operational efficiency, ensure compliance with regulatory requirements, and bolster security measures. IBM Consulting will also design and deploy modern web and admin portals for both Retail Banking and Corporate Banking, as well as multi-device banking apps for Retail Banking,” the statement said.
Speaking on the partnership, Narayanan Easwaran, Chief Information Officer at Equitas Small Finance Bank, said, “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 personalized and empowering.”
“The bank’s delivery model would be highly product-centric moving away from traditional Program Management methodologies to Agile frameworks for the various channels including mobile. This partnership with IBM is just the first step towards engaging customers. We are confident that this strategic partnership with IBM will simplify and transform the banking experience for customers across the board,” Easwaran added.
“Evolving consumer demands have made digitization the need of the hour, especially in the financial services sector, as it scales to new customer-centric business models. We’re excited to be Equitas’ consulting partner and technology collaborator in its next growth phase. 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,” Kamal Singhani, Country Managing Partner at IBM Consulting, India/South Asia further added.