Lakshmi Vilas Bank adopts ICICI Infotech''s Newton core banking solution

The Newton implementation will strengthen the bank''s retail banking operations by allowing its customers to enjoy the benefits of ''anywhere banking'', online real-time banking, and extended reach. Having already gone live in Chennai, Lakshmi Vilas Bank''s is geared to roll out ICICI Infotech''s Newton core banking solution at 100 branches across India.

Newton has seamlessly integrated with the Lakshmi Vilas Bank''s existing front-end software (LBS 2001) thereby protecting earlier IT investments made by the bank. The solution will streamline operational efficiencies and significantly improve transaction turnaround time.

Newton is an extremely scalable core banking solution based on an open system, ''three-tier'' architecture. It allows Banks to offer high levels of customer service to their clients as well as provide the IT department with the tools necessary to service the needs of the institution. Newton offers the entire core banking functions with additional unique features such as on-line GL and MIS. The depth of built-in MIS features facilitates managements to take information-based decisions and not just rely on intuition.

Commenting on the implementation, A. Krishnamoorthy, chairman of Lakshmi Vilas Bank said: "Technology is a very critical and strategic factor in Lakshmi Vilas Bank''s future growth. With the implementation of ICICI Infotech''s Newton, using Intel''s latest Itanium2 processors, will allow the bank to increase its product offerings, expand the customer base, increase customer satisfaction levels at a reduced cost and place the bank at par with other high-tech banks."

Krishnamoorthy added, " The effort associated with re-training user groups on the new system have been avoided, resulting in substantial cost savings. Our already high levels of customer service will be further enhanced by offering tele-banking and internet banking facilities, now that the centralised solution is in place. The implementation of Newton is undoubtedly the cornerstone of our growth strategy."

V Srinivasan, managing director & CEO, ICICI Infotech said: "Technology savvy banks such as Lakshmi Vilas Bank are replacing their legacy IT infrastructure with robust systems to exploit the advantages of higher productivity at lower operational costs. Newton will provide Lakshmi Vilas Bank the ability to offer world-class services to its customers. Newton''s scalability and localised features will enable greater customer satisfaction and enhanced business agility for the bank. The architecture is highly scalable and will support the bank''s future growth."

Commenting on the Intel''s role in Lakshmi Vilas Bank''s core banking initiative, Shrikant Patil, director-solutions, Intel Technology (I) Pvt. Ltd said, "The implementation on Intel''s Itanium2 based platform offers Lakshmi Vilas Bank the performance, flexibility and scalability required for the mission-critical solution. The solution will provide the bank a great competitive differentiator and offer enhanced value to the customers. This will help the bank further consolidate its leadership position."