Chennai (India), April 18, 2014:
The Financial Technology Design Centre on the outskirts of Chennai has developed a new design called Configure Once and Run Anywhere, or CORA. This will not only help banks provide more services from a single window, but also facilitate the customers to enjoy similar banking services on the web and mobile using a single user identity and password.
The centre – called the 8012 FT Design Centre, and developed by Polaris – which has been in operation for a year and serving many foreign clients, is ready to deliver a new solution for corporate banking to Bank of India, Karur Vysya Bank and Societe Generale India in July.
The new design is called Canvas because just as one paints according to one’s own imagination, here the institution using the technology can prepare its screen according to its needs.
The design has given the users an advantage of developing and distributing services through App methodology across channels and devices, Mahendran S, Business Head (Channel Solutions) with Polaris, said.
He also explained that the new technology relies on standard web technologies and supports multiple devices. Mahendran explains how the new design works.
Normally, in a bank, the teller counter is engaged only in taking and giving cash to customers.
Even if the executive finds a hefty balance in any account, he cannot offer any product or service to the customer coming to his counter as the system on his desktop allows only the function of accepting or giving cash. Now, with the help of this new design, it would be easy for him to offer other services also from the same screen.
Similarly, banks would be able to facilitate their corporate client approval process. Suppose an organisation has authorised two senior officers to approve cash transfer beyond a certain threshold. Traditionally, the cheques issued for that will have the signature of both these officials. Now in the age of electronic transfer and continuous mobility, two officials can approve the transfer either through desktops or mobile phones after having the same screen on different platforms. The design also offers something new to retail customers.
This will help in getting rid of multiple user IDs and passwords for mobile banking or Net banking. There will be common user IDs and password for the banking facility on various devices and the screen will also be the same on all the devices. Of course, on a mobile, one will get a portion of the screen as seen on the desktop due to difference in the size, but one can just swipe and see other portion on the mobile.
Talking about the new centre, Executive Chairman of Polaris Arun Jain said the centre provides a platform for customers to interact with developers and experts to design solutions for their problems. Jain is now planning to set up such centres in the US and the UK besides a smaller one in Mumbai. The company also expected to add 4,000 employees this year to the current strength of 12,000.
About Polaris Financial Technology Ltd
Polaris Financial Technology Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With over 25 years of expertise in building a comprehensive portfolio of products, smart legacy modernization services and consulting, Polaris owns the largest set of Intellectual Properties for a comprehensive product suite, Intellect® Global Consumer Banking (iGCB) M180. Intellect® is the world's first pure play Service Oriented Architecture (SOA) based application suite for Retail, Corporate, Investment banking and Insurance. Its acclaimed products, solutions and services enable unprecedented operational productivity for the global Financial Services Industry by Building, Maintaining, Expanding and Extending highly complex and Integrated Financial Technology Infrastructure.
This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of the top 10 global insurance companies. The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers and 8 fully owned Business Solution centers. Polaris has a talent strength of over 11,500 solution architects, domain and technology experts.
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