ROLE OF IT IN FINANCE

DEPARTMENT

Under the supervision of: Submitted By:

Ms.Parul Sinha Nitika Gupta

Section- K

Pg20102561
ACKNOWLEDGEMENT

We would like to acknowledge and extend our heartfelt gratitude to Mrs. Parul Sinha our
faculty for “ Marketing Information System” for giving us this assignment. It was a good
learning for us as we came to know about entire technology used in Finance Department in
an organization. It was a good learning for us as we came to know about entire IT
infrastructure used in an organization. . As managers, it will give us a different perspective to
have an in- depth knowledge about the IT technology used in Finance department.
INTRODUCTION

IMPORTANCE OF IT IN TODAYS WORLD:

As nowadays, the technology is growing at a very fast pace so we need to have really fast and up
to date IT Infrastructure in the company. The Finance Department in all the companies is the
crucial department to handle and is the vital part of any organization. So to have its smooth
working is very essential and now the speed is also one criterion to be kept in mind. Many
companies are very much concerned about the IT Technology that is to be used .

The software used in by many companies is the FINACLE SOFTWARE that helps the
companies to have edge of technology .The Finacle software was developed by Infosys for the
finance departments to perform better functions in an effective manner and also in a faster
manner as well. Fiancle leads the industry in Advanced Global Financial Reporting.

The agenda set forth by the new world, means managing the hurdles that have come in the
aftermath of one most difficult time for the global banking business. The financial services arena
is now struggling to retain and rejuvenate customer trust. Transformation in customer profiles,
lifestyles, needs and behavior, has brought in further complexities to the challenge, for banks.
This climate of change is challenging banks to reach their prospects through the most effective
media, retain their most profitable customers by improving the banking experience and grow
revenues by increasing share of wallet. A strategic shift from account-centricity is an imperative
for banks toady. A comprehensive multilingual solution that provides a unified, real time and
consistent view of the customer across all channels of interaction is critical for banks to offer a
rich and differentiated value proposition.
“Fiancle is a highly secure open platform for banks that are ready to go beyond banking.”
Explaining further, he added “Banks are becoming a one stop for financial services other than
traditional core banking services. But existing technology platforms fall short of the flexibility
and interoperability needed to handle these diverse requirements and hence there was need for a
future ready platform like Finacle. With its strong inbuilt inter-operability, Fiancle is able to
effectively interface with other solutions of a bank”
Finacle CRM Solution
Fiancle CRM solution is a modular, mulitingual, Web based customer centric application that
enables banks to leverage ready to deploy CRM functionality for competitive differentiation.
Integrated with Finacle core banking solution, Finacle CRM solution offers r=end to end
functionality to effectively address the needs of the complete cycle of marketing, sales ad service
for banking products.

Facilitating a unified 360 view of the customer across product lines and multiple and bacj end
systems, it enables banks to improve customer experience across channels and empowers them
with a robust platform for cross-sell opportunities. It also arms banks with the technology muscle
to increase reach through effective marketing campaigns. Finacle CRM solution’s proven
scalability further ensures that it can meet the needs of growing banks.
The solution has an integrated CRM module enabling banks to offer a rich and differentiated
value proposition to customers. The layered Service Oriented Architecture (SOA), STP
capabilities, Web enabled technology and 24X 7 operations ensure multi channel, multi country
and multi currency implementations. The functionality rich modules in the solution provide
banks with a varied palette of features to continuously innovate on their product and service
offerings. From the services innovation perspective, Finacle core banking solution, banks can
meet the unified customer repository with capabilities to educate and empower customers. With
Finacle core banking solution, banks can meet the challenges of managing change, competition,
compliance and customer demands effectively.

Finacle the universal banking solution from Infosys Technologies, and IRIS Business Services, a
worldwide leader in XBRL tools and solutions and announced a strategic partnership to provide
banks with the IRIS XBRL suite, enabling financial reporting process automation in compliance
with XBRL standards.,,,,,

“Finacle has the right technology and functional architecture to empower banks to embrace the
Internet Revolution. It easily integrates at all the right points of the banking value chain and
creates a powerful bankers desktop, “said Mr.Girish Vaida, Senior Vice President and Head-
Banking Business Unit of Infosys.

Finacle is highly extensible and very flexible. Its powerful scripting tool and workflow engine
can be used to enhance and fine-tune the available functionality by building new business rules
and business processes. This provides critical time to market advantage, empowering banks o
quickly introduce and roll out new innovative services to their customers.

Finacle’s interface to external payment gateways allows banks to participate in the payment
processes with non-customers. Further, it supports end to end automation of Corporate
transactions and Trade Finance Activities. Finacle’s interface to country specific Electronic
Clearing Houses and reporting tools enables complete automationof the clearing process,
payments and collections based on specific banking and Central Bnak reporting.
“This new generation solution has generated a lot of interest. We already have customers in India
and outside for Finacle and most of our existing customers have committed ro move this new
technology platform,and collections based on specific banking events and Central Bank
reporting.

Technology platform", said Mr. Girish Vaidya. Mr. Nilekani concluded, "The best of banks are
already moving in this direction. With banking customers beginning to expect more out of their
banks, and with competitive pressures, banks need to re-look at their technology infrastructure as
a tool to stay ahead in this new millennium.

Infosys’ Banking Business Unit has a long term commitment to provide the
banking industry with world class solutions. The BBU has over a decade of
experience in banking technology and consolidated expertise in Internet
technology, Security Consulting and On line Transaction Processing
technology. With a dedicated team of banking experts and software
professionals. Infosys has provided world class banking solutions across the
world.
\KEY MODULES:

ENTERPRISE CUSTOMER INFORMATION FILE (CIF)

SALES
Enterprise CIF is a comprehensive customer data hub that unifies customer information across
disparate back end transaction processing systems, in accordance with KYC norms. It maintains
contact, demographic and psychographic information for both retail and corporate customers.
The de-duplication engine maintains the unique identity if the customer in the system. The
blacklist master helps match and scrutinizes profiles, in accordance with the banks security
policies. Robust access control secures the confidentiality of the valuable customer data.

LOAN ORGANISATION SERVICE

The loan organization module automates the processes of appraisal of loan applications and
creation of loan accounts. Operational risks and credit risks are significantly minimized by using
the module’s standardized systems. When seamlessly integrated with Finacle core banking
solution, it enables users to benefit from leveraging end to end lending solutions.

Finacle CRM solution automates service processes at the bank to provide faster turn around time
and improve the customer service experience. INTEGRATION WITH Fiancle core banking
solution enables a completely automated process that minimizes operational inefficiencies. A
sophisticated routing and escalation engine powered by CRM workflow, routes customer
requests to special bank executives, For prompt action. For banks with a multiple-channel
strategy, the service module is deployed with Computer Telephony Interface(CTI)and Interactive
Voice Response(IVR) in a call center to improve the efficiency of the service representatives.

SALES:
Banks can deploy the sales module to improve sales effectiveness of DSAs and bank executives.
The automated and configurable process of application processing helps expedite the sales cycle.
Quota management enables the bank to set and track sales targets for DSAs and BDMs.
Incentive management facilitates appropriate incentive distribution based on realization of sales
targets. Bankers can leverage the offers module to generate attractive offers to promote product
sales.

VIEW CUSTOMER DASHBOARD:

Finacle CRM solution enables the bankers to analyze data made available through a 360 degree
view of the customer. This proves invaluable information about the customer’s relationship with
the bank, through easy to assimilate graphical representation. The account aggregation view
makes it easier for a credit officer to analyze assets, liabilities and investments of the customer,
at glance.

INTERACTION MANAGEMENT:
Customer interactions with the bank, across channels , are made managed by the interaction
history of the customer in view, the service representative at the bank stays abreast of the
customer’s changing needs.

KNOWLEDGE BASE MANAGEMENT:

Using this feature, business users at the bank can refer to the knowledge repository for
commonly sought information about processes, services queries and standard practices at the
bank.

ADDITIONAL FEATURES

WORKFLOW MANAGEMENT:
Banks can outline different workflow for business processes. This enables the bank to define
processes differently for service request management, origination, customer creation or
maintenance, in accordance with the respective process demands.

SINGE SIGN-ON
SSO helps users log on to multiple applications with a single user id & password & thereby
eliminating the need to memorize multiple ids & password for different systems. It saves time &
enable adherence to application security policies at the bank.

MULTIPLE DEPLOYMENT OF CRM

Finacle CRM solutions support bi-directional language scripts & internationalization of data
formats. The translation tool kit is a distinct value addition.

ANALYTICS & REPORTS

The solutions reporting infrastructure allows report templates to be created in jasper. Reports can
be generated at scheduled intervals with data collected from a across finacle applications
including finacle CRM solutions. The solution provides out of the box intelligence for customer
analytics. The reports encompass analysis of customer profitability sales campaign and services.

ENTERPRISE ALERTS
The solution integrates with finacle enterprise alerts server that provides multichannel SMS,
MMS & email alerts. It supports the generation of event based alerts from any of the banks
transaction processing systems, keeping customers abreast of relevant information & change.

STANDARD BASED ARCHITECTURE

Finacle CRM solution has a true n-tier architecture with distinct presentation, business logic and
data based layers. This architecture allows the application to scale to the requirements of large
banks. The solution also provides robust interfaces to a variety of backend systems. Predefined
interfaces to Finacle core banking and e- banking solutions are available.

BUSINESS BENEFITS

AGGRESSIVE CUSTOMER ACQUISITION

Finacle CRM solutions support for the creation of demand generation through multichannel and
multi wave campaigns. The solution ensures the banks marketing message appropriately
personalizes & targeted towards the most suitable segment of prospects. This optimizes
marketing efforts & results in greater conversion of prospects.

IMPROVED CROSS-SELL FRAMEWORK

The solution presents a unified 360 degree view of the customer, allowing single point access to
all relationships the customer has forged with the bank. This along with robust customer
analytics effectively supports true relationship banking, providing a robust framework for cross
sell opportunities.

Finacle CRM solution also integrates with other white labeled solutions to facilitate contextual &
personalized customer engagement, with keen focus on right-talk driven right sell.

INCREASED OPERATIONAL EFFICIENCIES AND COLLABORATION

Finacle CRM solution supports business automation for processes and business activities,
eliminating manual task & reducing process time. Straight through processing abilities enhance
reduction in turnover and processing time increasing output and enabling speedy completion of
tasks. The multilingual web-based single repository of information enables remotely located
bankers to collaborate and transact seamlessly.

LOWER TOTAL COST OF OWNERSHIP (TCO)

A web based solution leveraging new generation technologies, Finacle CRM solution is future
proof and can be seamlessly integrated with other enterprise application. With a robust
architechture and proven scalability, it ensures protection for the banks technology investments.
CASE STUDY:
Bank of Baroda, India‘s fifth largest bank and prominent among the global top 200, has
century’s financial experience backing it. With assets in excess of USD 32 billion, the bank has
a network of over 3800 branches and offices, and about 700 ATMs. Today, Bank of Baroda has
international presence across 5 continents, with a network of 71 offices in 25 countries, including
branches of the bank, its subsidiaries and the representative offices.

The bank also decided to capitalize on international markets to arrange for funds for the Indian
corporate sector by way of syndicated loans, bonds, floating currency convertible bonds and
credit-linked notes with UK operations playing a major role in this emphasis. The bank’s Global
Syndication Centre at London on sought to intensify focus on loan syndications and investments
in the international market.

The bank was clear that along with the business orchestration, it would need a technology
rejuvenation, to deliver an improved and homogenous customer experience across the global
divide, ease governance and MIS with a unified view of its international operations and improve
its risk and cost management strategies.

Bank of Baroda announced its de decision to journey the global technology- focused business
transformation program, ably partnered by Finacle universal banking solution. A centralized and
cohesive technology platform to support rapid product introduction, orchestrated operations
increased scalability and true flexibility across international operations, driving down costs and
governance hassles, was key to the bank’s transformation strategy and Finacle assured Bank of
Baroda of all this and more.

The implementation focused on enabling Bank of Baroda with a consolidated, centralized

technology platform, to fuel its growth engine across geographic divides, in the flattening world.
The scenario at that juncture was that Bank of Baroda’s foreign offices across 25 nations,
deployed various technology platforms and at least 8 different solutions, to drive its operations.
Replacing these disparate systems dotting the Bank of Baroda chain, worldwide, with Finacle’s
robust unified technology platform, was the first goal that the implementation team sought to
achieve.

A cost effective yet efficient strategy was evidently needed for execution of the project. The key
driver that catalyzed the journey to success was the process that was set after drawing up on the
huge expertise of implementation experts. The process that was used for implementation was a
set of exercises defined with clear cut objectives. The entry and exit criteria were defined, with
each individual aware of one’s role and the expected deliverables. This helped in deriving the
maximum out of every activity, and to augment this, a common Business Process Definition
strategy was used to further save time and effort, while minimizing the life span of the
implementation cycle. A common BPD was created in general for all the International territories
which was a set of common parameters that came out offer multiple rounds of discussions with
the key individuals involved. This common BPD would later serve as a base/ starting point for
the implementation of individual’s territories. The focus o f the implementation teams was to
cater to the specific needs of the territory instead of them having to worry about the absolute
effort needed from scratch.

Finacle has provided the Bank Of Baroda, the positioning to effectively leverage the technology,
to speed its transition towards the flat world readiness. Bank of Baroda effectively deployed the
unified solution environment that Finacle offered to migrate products from one country to
another, easily and profitably. Bank of Baroda leveraged the flexibility and agility that Finacle
promised to port ready-to –deploy products from one country. Today, Finacle implementation
has played a pivotal role in the rapid introduction of an exhaustive product lines and robust retail
portfolios for Bank Of Baroda in several geographies like Uk, Hong Kong, Singapore and
Johannesburg. This has helped Bank Of Baroda respond to. new opportunities presented by
rapidly evolving customer segments, globally and create entirely new customer experience.

Many banks use the Finacle software solutions. It is enabling many banks to
have better excess of banking solutions. AXIS BANK also has the Finacle
software for its banking solutions.
BIBLOGRAPHY:
www.prdomain.com

www.doctoc.com

THANKS GIVING
FACULTY Mrs. Parul Sinha MARKETING
INFORMATION
SYSTEM