Onward unveils core banking solution

Onward eServices (OeSL), a wholly owned subsidiary of Onward Technologies, focusing on the banking, financial services and insurance (BFSI) segment announced the launch of its core banking solution, BankBricks, for cooperative banks.

The company, with a strong presence in the BFSI vertical with over 4,000 branches of various mid-sized nationalised and high-end cooperative banks, is optimistic about adding 200-300 branches every year and migration by some of its old customers to the BankBricks platform.

"We have successfully completed the pilot project for BankBricks for the Capital Local Area Bank's 15 branches in Jalandhar and Ludhiana. We see a big opportunity of adding 200-300 branches every year under the new solution. We also expect our 500 old customers to migrate to BankBricks in 12-18 months," said Jigar Mehta, director, OeSL.

Targeting an aggressive growth of 100 per cent in the next fiscal, Mehta pointed out that with over 35,000 branches in rural areas still not computerised, there is a huge untapped market.

He said, "Besides, adding new customers and migration of our existing customers, we also plan to penetrate deep in the rural branches of our existing customers. We have a 40 per cent penetration rate for rural branches."

The company is working closely with Infosys on its banking solution, Finnacle. 15 persons from OeSL are undergoing training at Infosys for a pan-India roll out of BankBricks.

"Next year, we will have 50 Finnacle-certified professional in our team," said Mehta. It also plans to double its IT services team, which works on providing dedicated services to its clients.

Mehta said, "We plan to recruit 100 people in twelve months to take our headcount to 440. We may add 7,000 sq ft to our existing premises here."