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The Largest Bank in India launches Wealth Management Business with MoneyWare® Wealth Management Solution

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Client Summary

The client is India’s largest bank and a fortune 500 company offering a wide range of financial and non-financial products with a network more than 16, 000 branches in India and presence in 32 countries. It is India’s largest commercial bank, measured by virtually every possible metric: profits, assets, deposits, branches and employees.

Business Drivers

Being the largest bank in India, the client ventured into Wealth Management business with an objective to provide an impetus to business growth and enhance competitiveness.

Quick Facts

  • Launch of Wealth Mangement business operations
  • Fastest deployment of Wealth Management Solution within 3 months
  • Complex third party integration with 38 interfaces across their IT environment
  • The Business Analytics & Reporting tool

Solution

  • MoneyWare Wealth Management Solution

Key Selection Criteria

The bank considered a number of leading wealth management technology vendors, before shortlisting Miles Software. After a rigorous evaluation over a period of 4 months, each of these vendors went through a series of demonstrations, product walkthroughs, functionality mapping exercises and technology in depth reviews. MoneyWare was chosen to be the best fit, both functionally and technologically, for their requirements.

Miles Software is ranked No. 1 private banking solution provider (as per IBS Sales league table 2016) with over 17 years of experience in Wealth and Asset Management space. MoneyWare® the flagship product, is a cutting-edge technology platform that enables the bank to deploy the latest technology and stay ahead of its competition.

Solution Implemented

MoneyWare Wealth Management Solution was implemented across all the branch circles starting with the pilot implementation which was commenced in the Bangalore circle in December 2015. The solution implemented includes tight integration with IVR systems for Video & Voice recording and covers a broad range of products, i.e., mutual funds, equities, fixed deposit, loans, life and general insurance, it also has transactional portal, table and mobile app.

This has been the quickest, largest and the most complex implementation with over 38 interfaces, including core banking systems, IVR systems, etc. within a record span of 3 months. The bank plans to cater to more than 200,000 customers over the next two years with this implementation.

MoneyWare® was deployed as a single unified system giving unmatched control by avoiding dependencies on disparate systems and automating the entire wealth management process.

Solution Benefits

  • Scalability for future growth
  • Short time to market
  • Customized reporting
  • Seamless integration with third party systems

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