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FinCraftTM MIS ADF

Updated On : Feb 2016  |  by Ramesh Paniker

Some years ago RBI mandated the scheduled banks Public, Private and Foreign) to automate its regulatory reporting (MISADF) project. The intention was to ensure accurate and timely submission of reports without manual intervention and adoption of XBRL. Three years into the project many banks have achieved various levels of proficiency in achieving this objective.

The RBI published a conceptual model to achieve this end stage to automate the submission though it left it to the banks to select their own methodologies to achieve the objective.

It is likely that the other players in the Banking system like urban cooperative Banks (UCB’s), district coop Banks (DCCB’s), NBFCs, Regional Rural Banks (RRB’s) and the new payment and small banks will need to take this route in the near future.

Already RBI has issued circulars to Urban Co-Operative Banks advising them to submit some reports like in XBRL format Return on ‘Asset Liability Management (ALM)’ through XBRL based electronic filling platform, and also submission of Statement of Compliance with CRR and SLR’ also in XBRL by April 2014

Implementation had its own issues, chief of which were:-

  • Data quality issues, incomplete data, wrong data, wrong classifications, inadequate.
  • Integration to multiple systems with little support from the core vendors for the exercise.
  • Frequent changes in formats, XBRL formats are still in the process of being defined.
  • Historically calculated numbers did not match the new report numbers due to wrong data.
  • Many report formats were not available as standard formats.

To have successful project completion it was critical that the selected vendor had the following expertise

  • Core banking implementation experience on different core systems, especially Finacle and BANCS. Having one’s own core banking (FinCraftTM) helped.
  • Knowledge of different aspects of banking including retail, treasury trade finance, risk management , foreign exchange, advances ,deposits, regulation especially AML, ALM and a others.
  • Knowledge of data quality practices and tools with adequate Indian data dictionaries to ensure clean data.
  • Knowledge of Extraction, transformation and load process (ETL).
  • Ability to design a centralised banking data repository which could further be enhanced to support analytics besides internal MIS.
  • Knowledge of different databases, solution should be working on Oracle, Microsoft SQL at least.
  • Information Management framework methodologies.
  • Knowledge of data warehousing and Business intelligence tools.

After three years Nelito Systems can proudly claim to have 5 reference sites which have achieved most of the objectives. A sixth large bank which has adopted to go the enterprise data warehousing route is leveraging Nelito’s Fincraft – MISADF solution for quick results.

Data quality is work in progress, and is being done by most banks to ensure that data is correct. Core processes are being reengineered to achieve better accuracy .Many of the banks are leveraging the CDR for internal MIS requirements. Nelito is partnering banks to standardize, deduce, cleanse, collect and enter data.

It will be prudent to work with a player who has a working solution, all the experience off implementation, a strong focus on cooperative banks in India and immense banking knowledge to ensure smooth implementation.

The ready to use product could bring down costs and implementation timelines dramatically and the experience gained though the last few years can be leveraged for quick Return on Investment benefits. Nelito’s present FinCraftTM Core Banking customers and future users would derive maximum benefits with this proven solution.

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CLIENT SPEAK

  • The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project

    R. Ganesh (Senior Manager)

    Indian Overseas Bank
  • Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.

    Vinayak Khadye (Chief Digital Officer)

    Finanzmart Services Pvt Ltd
  • We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.

    You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.

    N Sampath Kumar (Branch Manager)

    Corporation Bank
  • We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.

    In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.

    Prateek P Katyal (CTO)

    WheelsEMI Pvt. Ltd
  • "We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."

    Ananda Padebettu (IT Manager)

    The Nav Jeevan Co-op Bank Ltd.
  • "For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."

    Chairman

    The Nainital Bank Ltd.
  • "The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."

    IT Head

    Sonata Finance Pvt. Ltd.
  • CBS

    "We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."

    Assistant General Manager (CBS)

    United Bank of India
  • Custom Application Development testimonial

    "Proactive & professionally supportive, technically skilled team."

    General Manager

    Federal Bank
  • DGM

    "My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."

    Sikander Gupta | CEO

    The Jammu Central Co-op Bank Ltd.
  • DGM

    "Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."

    Rachelle F. Rivas | IT Project Manager (Senior Manager)

    Bank of the Philippine Islands (BPI)
  • DGM

    "As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."

    Dinesh Negi | VP (Clg)

    DCB Bank Ltd
  • DGM

    "Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."

    Frithjof Ramb | Vice President

    SBI- Frankfurt, Germany
  • DGM

    Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.

    Rudolph Banis | Head - IT CBS and Application Management

    IndusInd Bank
  • DGM

    Excellent

    Navin A Bijur | Manager - IBD

    The Shamrao Vittal Coop Bank Ltd