IZB Implemented Techurate’s Digital Banking Solution with Retail and Corporate Banking Functionalities
According to Mr. Sinha, earlier the bank did not have the online account opening model and Techurate provided the bank with this model. In the earlier version of the mobile banking app, the user had to physically come to the bank branch to sign up or change in credentials. But with the new model, the users have been given the necessary details to set up their credentials. Moreover, new customers can now open accounts online. Another module known as EVS enables the bank to integrate with third parties. Earlier, the bank had to contact for services which included additional cost to the bank. However, post the implementation of the EVS module, the bank can integrate with third parties in the future with ease without incurring additional cost. Moreover, Techurate has its resources on Flexcube which is IZB’s core application. If any issue is incurred on this core system related to digital banking it is handled swiftly with quick support. Other key benefits experienced by the bank include seamless onboarding, 24*7 transfers, and payments to mobile.
“Earlier version of the app had only 3,000 active mobile users but post implementation the bank has 12,000 mobile app users. Due to the mobile wallet transaction, the bank is witnessing an increase in the number of active users with a sign off approximately 100 users per day.” – Jyothinath Sinha, Chief IT Manager, IZB.
IZB’s overall experience of working with Techurate has been remarkable. Apart from this, the overall implementation was extremely smooth. Moreover, the bank had continuous engagements with Techurate to resolve any issues. Both teams from the bank and Techurate’s side made this implementation possible in all aspects. As part of the bank’s future roadmap, they are looking for a smart cashier solution and Techurate offers this solution. Currently, the bank is the middle of finalizing internal processes to get approval for a smart cashier solution. Moreover, the bank is also planning to extend their collaboration with Techurate to fix issues with Flexcube in the core system and possibly extend their contract for another two years.