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.
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"Nelito has Good knowledge of industry. Good customer orientation. They were Flexible and Open to new ideas and suggestions."
"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 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."
"Nelito has successfully deployed the Online Reporting and Management Information System (ORMIS), which has streamlined the reporting process and their analysis. Its team is responsive, provided satisfactory support and has sound expertise to deliver time sensitive & critical projects. Exemplary team work."
"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."
"Nelito is known for its exemplary services to the users at all times. Your team provides excellent service and they are pro-active in providing solutions."
"On the whole a professional and capable and competent team. Providing solutions adapted to clientele updated on technology front."
"Proactive & professionally supportive, technically skilled team."
"Fincraft CBS software & Doorstep Banking Solution helps our society’s functionality towards digitalization & paperless working. It reduces our manpower requirement and workload, also gives us fast reporting for our institution as and when required."
Exemplary relationship set by Nelito’s PCS team which helps project to grow vertically. We have always been very impressed with the quality of service we have received from Nelito. They are reliable efficient professional and above all truthful. This alone sets them out from much of their competition.
"E-district Manipur project was undertaken and successfully implemented by Nelito in a record time. The online services offered under this project has made a marked difference in the quality of life of the citizens and is taking the state towards a digital Manipur."
"On 20th of November 2016 our bank data was migrated to FinCraft and we have completed one year successfully in FinCraft. So we thank all the team members of both IFTAS and Nelito for your great co-operation in this success. We expect more & more co-operation in implementing new technologies in banking sector from your side in future."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation."
"We appreciate your local team who continuously supported & assisted our team to meet the goal."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Bank has implemented CBS of Nelito Ltd in the year 2008-09 in phase manner. Also integrated RTGS/NEFT, CTS, MMS etc. which help us in smooth automation of banking operation."
"Experience during development of Rating Engine Module has been good in the context of commitment to meet timelines & lot of hard work has been put by Nelito's team."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
"Nelito and its team has always been supportive and efficient in achieving the tasks set up by the Dept. Apps developed by the software engineers for the Public Health Dept. have proved to be excellent among the top competitors and have been acclaimed for its effective service delivery to the end user at the grass root level which is the foremost object of any Govt. organization. Many thanks for the sincere efforts."
"We appreciate Nelito team who were always on time and responsive to our needs and changing ideas. They worked efficiently from the project inception to its completion in a timely and professional manner. Their understanding of this space has been invaluable to the success and launch of 'PMAY CLSS' app."