North East Small Finance Bank has migrated its Core Banking System to M2P’s Turing CBS, the market leading digital Core Banking System. With 225+ branches in Assam, North East Small Finance Bank has been able to effectively migrate from traditional banking solutions to M2P’s Turing CBS, a digital core banking platform.
As a part of the bank’s technology refresh to meet its growth plans, the bank has partnered with M2P for its suite of digital accelerator platform that includes the following broad components:
- Turing digital Core Banking System (Turing CBS)
- Integrated payments hub that includes Debit Card Management System, Unified Payments Interface, National Automated Clearing House system, Mobility, SFMS, IMPS, and other related modules
- Back-office platforms including Treasury systems, Digital Identity, Centralised KYC processing system, Loan Origination System, systems to track compliance to Anti-Money Laundering controls.
The unique aspect of the upgrade is the speed of execution, the journey from receipt of data from the legacy system to plugging the gaps as per bank’s requirements and completing User Acceptance Testing leading up to Go LIVE were completed in under 3 months.
Dr. Ram Krishna Garg, Chairman, North East Small Finance Bank, said, “We wanted to migrate to a digital Core Banking System which will help us improve our operational efficiency and reduce costs associated with manual processes. This will help us enhance our customer experience with personalized, real-time features and data analytics. We’re happy to have partnered with M2P for their Turing CBS offering which enabled a smooth transition without data loss and in a quick span of time.”
“As part of our journey towards digital growth and acceleration, we migrated our traditional Core Banking System to a digital Core Banking System with M2P’s Turing CBS. This will help us introduce new products and services with ease apart from improved efficiencies, ” added, Rupali Kalita, Managing Director and CEO, North East Small Finance Bank. Satish Krishnaswamy, Head of Banking Business, M2P Fintech commented, “We are thrilled to partner with North East Small Finance Bank and support their digital transformation journey. Our Turing digital core, integrated payment hub, and RegTech systems provide a comprehensive suite of solutions that can help banks optimize their operations, enhance customer experience, and comply with regulatory requirements. This accomplishment exemplifies M2P’s dedication towards innovation and enabling banks to provide their consumers with best-in-class digital experiences. We look forward to continuous collaboration with North East Small Finance Bank and other industry-leading financial institutions to accelerate their digital transformation efforts.”