Equitas Small Finance Bank taps IBM to build next-gen digital banking platform

IBM has been roped in by Equitas Small Finance Bank to develop a state-of-the-art digital banking platform that offers a modern and highly secure experience to the bank’s customers and partners.

This partnership aims to enhance Equitas Small Finance Bank’s digital products and services, aligning with the evolving needs of a digital-first generation.

Equitas Small Finance Bank, established in 2016, has emerged as one of the leading small finance banks in India. Having successfully established its business during the initial growth phase, Equitas Small Finance Bank is now focused on leveraging its position as a technology-forward industry leader.

As part of its next phase of growth, Equitas Small Finance Bank aims to embark on a digital transformation journey by adopting a cloud-native platform architecture that aligns with the bank’s overall business strategy.

Equitas Small Finance Bank teams up with IBM to develop next-gen digital banking platform. Photo courtesy of Mark Ahsmann/Wikimedia Commons.

To achieve these objectives, Equitas Small Finance Bank is collaborating with IBM Consulting to implement a cloud-native architecture that allows the secure operation of digital channels and applications across diverse technology environments. This initiative will enhance operational efficiency, ensure compliance with industry regulatory requirements, and strengthen overall security measures.

Narayanan Easwaran — Equitas Small Finance Bank Chief Information Officer said: “Equitas SFB as part of its ongoing digital transformation program would be focusing on customer experience by leveraging data and analytics to drive omni channel engagement and enable a platform-driven ecosystem to make the experience of banking and finance more personalized and empowering.

“The bank’s delivery model would be highly product-centric moving away from traditional Program Management methodologies to Agile frameworks for the various channels including mobile. This partnership with IBM is just the first step towards engaging customers. We are confident that this strategic partnership with IBM will help simplify and transform the banking experience for customers across the board.”

IBM Consulting will play a key role in developing and deploying modern web and admin portals for Retail Banking and Corporate Banking, as well as multi-device banking apps for Retail Banking.

By leveraging IBM’s expertise, Equitas Small Finance Bank seeks to offer its customers a seamless and convenient banking experience while positioning itself at the forefront of technological innovation in the financial industry.

Through this partnership, Equitas Small Finance Bank is set to accelerate its digital transformation journey, leveraging technology as a differentiating factor in its pursuit of growth and customer satisfaction.

The collaborative efforts between Equitas Small Finance Bank and IBM Consulting are poised to shape the future of digital banking in India, providing customers with secure and user-friendly banking solutions.

Kamal Singhani — IBM Consulting, India/ South Asia Country Managing Partner said: “Evolving consumer demands have made digitization the need of the hour, especially for the financial services sector, as it scales to newer customer-centric business models.

“We’re excited to be the consulting partner and technology collaborator of Equitas in its next growth phase. We are leveraging the deep banking industry expertise coupled with digital experience and cloud capabilities of IBM Consulting to design a modern platform to support Equitas Bank’s digital journey for its customers.”