How will technology transform the future of banking?

Y. B. Chavan, Nariman Point, Mumbai : On 7th of May 2017 the National Conference on Urban Co-Operative Banks was held in Mumbai. The agenda of this event was to Understand the challenges faced by the UCBs, the Legal and Policy Issue of the UCBs, the RBI Regulatory changes required for the UCBs, the future of UCBs in the Global prospect the Technology Upgradation & Challenges.

This one-of-a-kind event brought together industry experts as well as innovative business leaders in financial services, technology, research and development who addressed and provided updated information and solutions to the challenges faced by the Industry. Mr. Punit Jain, CEO at Nelito Systems Ltd. was one of the Panellist for "Technology & Future Banking" discussion session.

During the discussion Punit emphasized on what the cooperative banks can do using IT to grow, in spite of their various constraints. He also put light on the current realities for Co-operative banks. As IT is becoming too complicated most of the coop banks feel overawed by it. There is a limited technical depth of the team and this usually is exacerbated by their location, which in many cases is in smaller cities and towns. Further due to regulatory restrictions many are not allowed to offer even mobile and internet banking, without meeting certain size criteria.

One of the major challenge is opening branches in large cities is very expensive, and is not viable anymore and lack of attention from large IT companies. The Large banks undercut cooperative banks by giving loans at lower interest rates, which cooperative banks cannot match up too. Another challenge is that many co-operative banks are using IT systems and core banking systems which were purchased 10 years back, and were designed for branch banking hence cannot handle increased loads and integrations with so many new payment systems.

He also shared his thoughts on what can they do to grow, in spite of these constraints. In view of more and more digital channels and consequently increased transaction volumes, review the current CBS load handling and integration capabilities, and evaluate if there is a need to change. He also stated that in today's digital world co-operative banks need to choose the right IT partner who is agile and open doors to multiple solutions. The IT partner should be capable to make the current digital technologies work for cooperative banks in a practical way. If RBI puts restrictions on Mobile and Internet banking they should explore Doorstep banking which is also known as BC Banking or Tab banking where there is no such restriction, there.

The discussion indicated the need to explore alternative revenue sources beyond normal lending like Microfinance, Banc Assurance, selling mutual funds, etc. and these business models can be facilitated by Doorstep Banking.


  • 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."


    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


    Navin A Bijur | Manager - IBD

    The Shamrao Vittal Coop Bank Ltd