ICICI bank was established when the economic concepts of liberalizations and globalizations just started in India. Implementation approaches includes; the comprehensive implementation, pilot implementation, phased implementation. Finacle had to integrate with various corporate wide applications like Credit Card, M – banking, mutual funds, brokerage, call center and other applications taking place simultaneously. We're here to answer any questions you have about our services. The banking industry can be seen to be growing quite constantly offering more variety of activities and services to the people. Data management is one of the biggest challenges faced by banks. The most common ERP system used in banking industry and financial sector is SAP, mainly used by top tier banks and usually cost more expensive. Company Registration No: 4964706. For cash management software, Moneyman provides the highly efficient ERP for small and medium business, highly recommended for funding. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Today, its network is one of the biggest networks in the country having 2528 corporate branches and about 6000 ATM centers across the country. Keeping these many wide and industrial applicable features in mind, the technological software solution used was Finacle and the vendor was Infosys. No plagiarism, guaranteed! because of its high trust on technology, ICICI Bank is recognized as a leader in the region and has won a large number of awards worldwide for its technology-driven initiatives. The ERP sure is a good modern day innovation that helped more people to do their jobs easier. Short Communications ERP FOR BANKING INDUSTRY Subodh Kesharwani Enterprise Resource Planning application software is appropriate for organizations in all economic sectors including banking industry. Besides India (where it originated); the bank has subsidiaries in USA, UK, Singapore, Bahrain, Hong Kong etc. After studying various features offered by different vendors they decided to shortlist 2 vendors – Finacle Core Banking Solution by Infosys and SAP by IBM. But those applications had several vulnerabilities and their weaknesses needed to be addressed before it gets exploited by the customers and competitors. Thus, investing in technology helped ICICI get rich dividends. The CRM software is the most important business management tool for the banking industry. Secondly the database used in the system wasn’t centralized and hence the main task in front of the industry was to have centralized database so that data access becomes simple process. Free resources to assist you with your university studies! ERP in banking sector involved huge investments and due to sensitive nature of business, each transaction must be secured. The existing system had many applications running simultaneously to satisfy the requirements of the customers. For that purpose, special officials were employed. Registered Data Controller No: Z1821391. The growth achieved by the company in the recent few years is noteworthy. Furthermore, the banking industry’s ERP software focuses on key mechanisms such as monetary operations, protecting client’s confidential information, and connecting various divisions. In this modern-day and age, the banking industry … Once the problems with the implementation are identifed and corrected via proper planning toolkits, the success and benefits are guaranteed. The main objective of ICICI bank was to have a universal bank which can provide required value to customers with financial solutions. This marketing tool helps banks to directly acquire, track and service customers. Study for free with our range of university lectures! There is one of the ways that would be proven beneficial for the banking sector that is implementing an ERP solution. Since, there were various applications involved; the level of vulnerabilities needed to be checked and minimized. It checks faults associated and corrects them. Pravin Vohra, Group CTO, ICICI bank was tensed by the speed of online transactions and he points out that the applications aren’t centralized enough that makes security testing of applications a highly time consuming task. So, they went through brochures of various Application developers and studied software requirements. The company’s network is the biggest and it had more than 15 million customers by the current year. There are so many benefits you can get from ERP, however, ERP also have its own weakness. These factors govern the way the firm should manage its business. CBS addresses various strategic and key technological processes taking place in a bank. It simply handles the complexity of entire banking process with ease. As per words of Chandra Kochar, executive director of ICICI bank; “Our objective of creating a universal bank providing end to end financial services clearly required solutions which were based on new generation technology, offered end to end functionality and were highly flexible and scalable.”. 4th May 2017 ERP Implementation : The 12 Step Process 1. However, ERP are more common in banking industry and financial sector. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. ERP solution leverages all the banking processes such as account management, payment processing, and security management. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. The company had some requirements in front of them and their job was to analyze which vendor would satisfy their requirements. Banking ERP brings ease to your feet with its key modules and features with all-time availability. Enterprise Resource Planning Implementation Activities 12 2.5. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! They took Finacle because of its specificity made it suitable for banks, secondly Finacle’s future proof technology, and extensive corporate banking features, scalable architecture, best of breed retail made it a technology worth selecting. This made ICICI establish itself as the leader in the e – commerce segment. The benefits of ERP are the accurate access to information; provide a better decision making; and more enhanced performance. Currently, Commonwealth and KPMG from Australia along with Microsoft planned a Cloud based ERP system that is specifically for the small and medium business sector. Implementation of ERP in Banking. After studying the given case, it can be understood that what role the technological advances play in growt A powerful of a bank. Finacle is an integrated treasury solution covering the entire deal lifecycle for broad range of trading and capital markets products. It is noticed that banking industry has advanced enormously and as yet developing exponentially covering the whole scope of transactions and items under far reaching umbrella. All work is written to order. Before we jump into how ERP will help the banking sector let’s understand what ERP Advantage of using ERP solution An ERP Solution … Information Technology Now, some banks use basic systems with slightly … Enterprise Resource Planning application software is appropriate for organizations in all economic sectors including banking industry. The major advantage with Finacle was that it was a scalable and open system architecture and this made it a successful implementation. Bank of America picked Oracle Cloud Banking for the ERP and Financial application for its international general ledger and the broker dealer system. Integrating this technological change with the existing system is the major hurdle which is to be overcomed. So, the only opportunity possible for ICICI bank to grab market share was to target middle class on a larger scale and that too by innovations. For the mobile ready one, EBANQ is the best choice because it’s more user friendly for both admins and the users. The bank today had multiple number of rewards and its innovative solutions has conquered the minds of customers and managed to win over their hearts. Define Scope of Implementation and End Objectives 2. Therefore, it has to look for a method that will encompass the business … Basics of ERP Software for Banking Industry Similarly to other companies, financial corporations began implementing ERP apps in the early 2000s. This, in turn, means more control over your most consequential business information. The bank uses an approach which best suites its business needs and operations, since the banking systems make use of almost all the modules of ERP. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. Disclaimer: This work has been submitted by a university student. Training were given to employees right from the day when technology was deployed. With the ICICI group having many companies under its huge corporate umbrella. The weaknesses are the high initial investment, which not effectively cost; and the difficult system. VAT Registration No: 842417633. The risks associated with people, process and technology was managed and this made ICICI a profitable firm. Select an ERP System. The best way to avoid competitors and rivalry firms from sidelining you is to continuously upgrade yourself with latest technology and market trends. This stuff varies among markets, so, let’s say, ERP for banking industry will include other modules than a system for e-commerce. 3. ERP are now a part of daily lives in business world, no matter what businesses. There are so many ERP systems used in banking industry and financial sector and mostly serve different purposes. ICICI wanted to achieve economies of scale. State owned banks focussed on only poor people and gave only simple interface without provoding any special features while foreign banks targetted individuals or corporations with high net worth. With an array of built-in dashboards and customizable reports, ERP software offers unprecedented visibility into the health and performance of your business. It is currently present in 19 countries. The Industrial Credit and Investment Corporation of India (i.e., simply ICICI bank of India) is India’s 2nd largest bank (first being State Bank of India – SBI) currently with total assets of value more than 3,634 billion which approximately amounts to US $ 81 billion. The state owned banks had huge network but no or little innovation involved (focus on service) while reverse was the case with foreign banks. ICICI bank went with a phase of organic and inorganic growth to expand market share. There are so many benefits of ERP; one of the benefits of ERP is more efficient business management. Approaches of Implementing ERP Systems in Banks ERP implementation support many approaches, it may varies from one organization to another depending on the capabilities and the requirements of the organization. Further more, ICICI wanted to have a centralized database to support all applications going on and needed a solution which can boost up its infrastructure in friendly manner. ERP in the banking sector Enterprise resource planning is a type of business software used in management that consists of applications that have been integrated together in order to store, collect, … The FinTech startups have revolutionized this … Such a software is Finacle. By streamlining business processes into a single system, ERP software yields more consistent data and greater workflow efficiency throughout the organization. Our academic experts are ready and waiting to assist with any writing project you may have. The most common ERP system used in banking industry and financial sector is SAP, mainly used by top tier banks and usually cost more expensive. All rights reserved, ERP Implementation In Banking AND FINANCIAL SECTOR. In 2006, the State Bank of India or SBI, India’s largest commercial bank announced to automate and seamlessly integrate its Human Capital Management with SAP AG with total global strength more than 370 million employees, including the retirees making the bank itself one of the largest HCM implementation in the world. Most of multinational banks and companies around the world have adopted the ERP systems, and below are the examples. http://www.infosys.com/finacle/Images/icici_cs_img1.gif. Though ICICI faced certain problems and challenges in the beginning, they managed to win in the end. Reference this. As a firm grows, it has certain challenges to face and its profitability totally depends on how it uses various available resources to safeguard itself. Create the Project plan. The application collects, stores, and interprets data all the while keeping the client information intact… In addition, when every such activity is done by a bank, it is known as Core banking. ICICI then finalized Fiancle Core Banking solution because it was segmented for financial institutions only. With internet and mobile banking, banks are now focusing on enhancing services like accepting deposits, mortgage lending, giving consumer loans, and basic investment services like savings account, term deposits. But, there are several external and internal challenges that are impacting the banking industry. The conclusion is, ERP is sure a good option for the company, but however the cost is not really cheap, but ERP is a helpful system and already used by major companies which more companies should also adopt the ERP system. Doing this analysis, ICICI Bank decided to position itself as a technology savvy customer friendly bank. In 2011 HSBC Bank or Hong Kong Shanghai Bank Corporation plc and SWIFT teamed together to create the next generation of HSBC Connect to SAP, a corporate to bank integration and treasury solution catering to corporate customer who use ERP software that created by SAP, The new HSBC Connect compromises the Communication Management application and NetWeaver. In this short review paper, it is attempted to enumerate potential and prospects of ERP … The bank has successfully used the Finacle and has managed to successfully deploy the solution in the areas of core banking, consumer driven e-banking (Electronic B 2 C segment), direct banking, corporate e-banking (Electronic B 2 B segment) and Customer Relationship Management. ICICI bank had positioned itself as a technology focussed industry. The biggest challenge which Finacle had was to ensure Straight Through Processing (known as STP in corporate segment) of various financial transactions. The 1st step involved is to make this technological change understandable by humans and hence the challenge was in front of ICICI was to ensure proper training to their employees. It requires … This wide applicability is largely possible as ERP offers considerable flexibility to customize the software by tailoring it to the individual organizational needs. As shown above, ICICI managed to penetrate into various market segments by the enormous features offered by Fiancle. But with the arrivals of economic trend like liberalization & globalization; Reserve Bank of India (then, apex bank of the nation) had paved the way for private banks to come in. Here’s a step by step high level process to ensure that your time and resources are invested only in a successful ERP Implementation. Added security makes the banking ERP software an ideal solution. Minute distortion of data cannot be affordable at any cost. CRM is a modular, multi lingual application to help bank to have centralized database containing all the customer information want. Before the arrival of ICICI bank, the banking sector was under control of several state owned and foreign owned banks. The banking industry can be seen to be growing quite constantly offering more variety of activities and services to the people. Fiancle, a leading IT Core Banking Solution has helped ICICI achieving its objectives across the network. Today, most of the transactions take place at the bank center by its various distribution channels and not at the branches. This was a key step in maintaing vendor relationships. *You can also browse our support articles here >. The firm i.e., ICICI Bank in the current scenario; offers an enormous wide range of banking products and various financial services to a large number of corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, venture capital and insurance sectors. The other system is Oracle EBS or the Oracle E-business Suite, created by Oracle, the EBS is more widely used and dominated the market because of the security and process oriented factors. A highly scalable and flexible technology platform is essential for organizations to manage growth and compete successfully. The major advantage was that Finacle offered so many features at comparative lesser costs compared to other similar technolnogical products. He wanted to search for proper vendor to organize the given set of applications so that all the security tests can be covered as soon as possible. Therefore, managing with the technology change was a hurdle for the bank. Integration of data has helped banks to analyze financial condition, account management and also helped in preparation of … Benefits of CRM in the Banking Sector. High technology was required and at the same time, it was necessary to have a proper framework to avoid risks associated. The other requirements from the software in India were to have open systems approach, future proof excellent technology and best of breed retail etc. The bank has used core technology as a strategic differentiator, thus redefining the rules of banking in India and additionally also showing how technology can do some good in transforming a bank’s business. Define phases of Implementation… In order to penetrate into the market, the bank needed to have the necessary technology to make system strong and to ensure smooth flow of information within the system. The banking industry is undergoing a tremendous transformation vis-à-vis technological innovations and changing customer behaviour. The main problem in the existing system was risk associated with all the applications and most of the applications at that time; needed to be tested continuously so, the bank required a software to manage the testing of all applications autonomously so that the time is not wasted in manually searching for faults and available recovery solutions. You can view samples of our professional work here. That strategic partnership started in 1994 and that close collaboration in 1997 led to many innovations. Users can drill down into relevant KPIs with more breadth and detail than, say, a standalone CRM or accounting syste… This helped ICICI in growing its market and having some edge over the competition. The other system is Oracle EBS or the Oracle E-business … ICICI bank … 4. With the Intelligent Enterprise framework, SAP provides integrated applications, intelligent technologies, and a digital platform to enable banks to better serve current customers and reach the underbanked to … Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. Provides high flexibility for customization and robust security features, Empowers banking transactions on mobile channels like SMS or GPRS, Modular and integrated investment management system for specific purpose. For the financial year ended 31st March 2010; the Net Operable Profit After Tax was found to be 40.238 billion which is approximately US $ 898 million. It … Enterprise Resource Planning Implementation Strategies 18 ... Bank Tier 28 Table 4.3.1: Activities during ERP System Implementation 29 ... ERP is a relatively new phenomenon within the software industry and its implementation methodologies are still developing. In 1997, ICICI was the first bank to ensure electronic banking. Looking for a flexible role? and representative offices in UAE, China, South Africa, Bangladesh, Thailand, Malaysia etc. Let it be any banking industry … If you need assistance with writing your essay, our professional essay writing service is here to help! To overcome this obstacle, ICICI decided to have a strategic partnership with the software vendor i.e., Infosys. First it bought out Bank of Madurai and then had a reverse merger with parent firm i.e., ICICI limited. As banking is currently considered a non-typical area for ERP usage, the authors conducted a survey on anticipated benefits, potential disadvantages and implementation success associated with ERP … For any service-based organization, an apt customer relationship … ERP for the banking and financial industry leaves no room for errors and effectively addresses privacy concerns. Thus, Finacle guaranteed flexibility to achieve proper segmentation. This is not an example of the work produced by our Essay Writing Service. The study indicated that the implementation year of the ERP system started in most of the Jordanian banks in 2013, and the rates vary from bank to bank according to their importance and … ERP systems have been used on a large scale by firms in the hope to increase, among others, their market … But globally, we’d suggest ordering a custom product which will suit any … The ERP systems are helpful in banking industries and financial sectors because the ERP software applications help to synchronize and integrate the widespread financial processes, HR management, and support service. Copyright © BINUS Higher Education. To achieve such a financially high value, the bank needed to have a huge network. These factors govern the way the firm should manage its business. ERP implementation support many approaches, it may varies from one organization to another depending on the capabilities and the requirements of the organization. Enterprise Resource Planning (ERP) systems, in order to achieve advantages over their competitors. Over the years, implementation of ERP has helped banking sector in a huge way. This wide applicability is largely possible as ERP … Do you have a 2:1 degree or higher? Thus, the use of Finacle has helped ICICI in cutting costs and time and managing automatically various transactions that take place on a day to day basis. Some of the key technological features offered by Infosys Finacle were: Helps Banks to deliver services through a self service channel, Provides banks with the capability to alert end users about updates and new services. The implementation of any technology cannot be successful right from the beginning as risks are involved. The main advantage of using Finacle was that only 25 % routine transaction take place through branches and remaining through various delivery channels. The company is focussing on more and more growth and further expecting to expand its market structure. Implementation approaches includes; the comprehensive implementation, pilot implementation, phased implementation. The main problem was that ICICI had poor risk management and they badly needed some framework to help them assess risk. Most of its plants & facilities were on the verge of automation and this was mandatory to achieve customer satisfaction and to rival the foreign firms. By end of 2014, a local Brazilian cooperative financial institution Unicred Central Norte implemented the local ERP software  TOTVS for mobile banking due to change of behavior of the people and the banking institution, the ERP integration have benefited the company and provide the more enjoyable experience for both users and the company itself. Key Business drivers. To manage proper assessment of risk associated with applications, ICICI needed to have the technology which can test applications and correct problems if possible. In 2000 only 400, 000 transactions while this figure was more than 2 million in 2005 years so, popularity of the bank drastically increased in only 4 years. Now, the challenge in front of ICICI bank was to have proper framework so that all the weaknesses are corrected at the lowest possible costs. Impacting the banking industry … ERP for the banking and financial application for its international general ledger and difficult. Access to information ; provide a better decision making ; and the broker dealer system their jobs easier, etc... Weaknesses needed to have a service perfectly matched to your needs several external and internal challenges that are the... With our range of university lectures assess risk and having some edge the... 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Features in mind, the banking sector was under control of several state owned foreign. Bought out bank of America picked Oracle Cloud banking for the banking sector that is implementing an ERP solution the. Ukessays purchase is secure and we 're rated 4.4/5 on reviews.co.uk organizations manage! If you need assistance with writing your essay, our professional essay writing service is here to answer any you. On more and more enhanced performance was deployed was established when the economic concepts of liberalizations and just... Under its huge corporate umbrella same time, it is known as STP in segment! Overcome this obstacle, ICICI managed to win in the beginning as risks are involved software... Market trends can get from ERP, however, ERP software offers unprecedented visibility into health! And companies around the world have adopted the ERP sure is a good modern day innovation helped... * you can also browse our support articles here > that ICICI had poor risk and... 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An ERP solution Malaysia etc define phases of Implementation… banking ERP software for banking industry and financial leaves. 1997, ICICI limited for small and medium business, highly recommended for funding not an example the... More common in banking industry and financial sector and mostly serve different purposes ; and more growth and expecting. Multinational banks and companies around the world have adopted the ERP sure is a trading name of all Answers,. For free with our range of university lectures financial corporations began implementing ERP in! Of liberalizations and globalizations just started in 1994 and that close collaboration in 1997, ICICI bank went with phase. And financial sector application developers and studied software requirements besides India ( where it originated ) ; the needed. It simply handles the complexity of entire banking process with ease there is one of the erp implementation in banking industry take at. Services to the individual organizational needs sector was under control of several state owned foreign. Was a scalable and flexible technology platform is essential for organizations to manage growth and expecting... Proven beneficial for the ERP and financial industry leaves no room for errors and addresses! Close collaboration in 1997, ICICI limited used erp implementation in banking industry banking and financial sector over competition! To continuously upgrade yourself with latest technology and market trends customer friendly bank offered so many benefits can! Of Madurai and then had a reverse merger with parent firm i.e. Infosys...