Corporation Bank in 2003 was one of the first Public Sector Banks to migrate to Core Banking Solution (CBS). Over the years many new products have been introduced in the banking arena, especially in relation to ePayments.
Corporation Bank to a large extent still relies on a Cobol Based Application. Corporation Bank is the only bank which still has a Cobol based Application. Hence, the top management of Corporation Bank decided to migrate to a new CBS. Now, Corporation Bank will be the first public sector bank to switch over to a new CBS.
There were 3 guiding points for choosing the new CBS.
01) Enhanced analytics for top management.
02) Minimal TAT to roll out new banking products.
03) Ease of usage of alternate channels.
The process was kicked off with RFP for appointment of Technology and Project Management Consultant in April 2012. In December 2012, the RFP for Core Banking Solution and Other Applications Implementation was issued.
The target date for the pilot branch rollout is 12-15months from March 13. After the Pilot branch rollout, it will be rolled out in 10 branches. Once it is stabilized in the initial 11 branches, the rollout will continue in batches of 50 branches.
Corporation Bank with 1600 + branches, is considered to be a tech-savvy bank. Its major contribution to the Indian Banking industry is the rollout of CMS Products. Corporation Bank is the first public sector bank to adopt CMS Products to boost its CASA balances.