FE Today Logo

Sonali Bank completes year end closing process in eight hours

September 28, 2020 00:00:00

Sonali Intellect Limited, a financial technology solution provider in Bangladesh incorporated as a joint venture company by Intellect Design Arena Limited and Sonali Bank Limited, announced a major milestone achieved by Sonali Bank Limited.

Sonali Bank achieved the closing year end process in eight hours, a major milestone for a bank serving over 20 million customers, said a statement.

Sonali Intellect Limited has transformed Sonali Bank's traditional banking services from different vendors' standalone platforms to a centrally controlled intellect core banking platform and delivering international standard banking services to its customers with zero downtime.

It has also achieved the bank closing year end process in 8 hours, a record for a bank serving over 20 million customers. Sonali Intellect is handling a total of 20,891,593 customers with 19,273,607 accounts, completed the last year end in 08.17 hr. against 11.28 hours in 2018.

Sonali Intellect Limited is a leading vendor in the BFSI space that has a local development center in Bangladesh that brings the state-of-the-art global financial technology to Bangladesh market. Intellect CBS has been made Bangladesh ready completely through its local development and support center.

Intellect's CBS implementation is a key milestone in the journey of Sonali Bank's 'Primary Banker' vision. Ability to quickly launch new products also resulted in an immediate and consistent increase in its customer base. This technology transformation initiative has equipped Sonali Bank to compete directly with Private Commercial Banks while also providing efficient services to its existing customers.

The CBS migration in Sonali Bank started in 2014 with 120 branches and successfully completed all 1209 branches in 2017, there after SBL opened 16 branches with CBS.

Sonali Bank which has 1225 branches across Bangladesh runs on Intellect CBS in full swing providing centralized online, real time banking platform that could provide enhanced functionality and superior customer experience.

Commenting about the achievement, Md. Ataur Rahman Prodhan, CEO & Managing Director, Sonali Bank Limited, said, "Intellect's CBS implementation helped us achieve our twin targets of enhancing enterprise efficiency and customer experience. We are happy to achieve this significant milestone."

Banesh Prabhu, Director, Sonali Intellect Limited, said, "While the banking Industry in Bangladesh is going through a significant technological evolution, Sonali Intellect Limited has demonstrated the capability to deliver world class banking products to support the rapid change taking place in banking and financial services markets in Bangladesh."

Share if you like