Building on its reputation of delivering innovative solutions to address the needs of unique market segments, FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced it will power Bharatiya Mahila Bank Ltd., India’s first women-focused public sector bank. Under the terms of the multi-year agreement, FIS will provide a fully integrated banking and payments platform through a totally outsourced delivery model encompassing core banking, channels, trade finance and the entire suite of payments services that includes switching, debit card management services and ATM management.
In addition to implementing a comprehensive set of banking and payment solutions and services, FIS will set up and manage data centers and will also deploy and manage the branch technology infrastructure. Bharatiya Mahila Bank Ltd. plans to adopt an innovative branch strategy that incorporates satellite and ultra-small mobile branches as well as conventional ones.
India’s government has begun an initiative to economically empower its female citizens. Bharatiya Mahila Bank Ltd. is part of the initiative. One of its primary goals is the financial inclusion of India’s unbanked, more specifically, rural women. By outsourcing all of its technology infrastructure setup and management to FIS, the bank will be able to focus on serving the unique economic needs of women across the country.
“Women are one of the most financially underserved market segments in India, and this initiative is a significant step to change that. FIS is proud to be able to contribute to this important social and fiscal initiative. It is crucial for the success of this venture for Bharatiya Mahila Bank Ltd. to be able to direct its efforts on expanding its reach and growing its customer base without the distractions of owning and running technology operations,” said Raja Gopalakrishnan, Group Managing Director – Asia, FIS. “FIS’ proven solutions, coupled with its comprehensive local servicing capabilities, will enable Bharatiya Mahila Bank Ltd. to launch its operations in an exceptionally short time frame and provide the impetus to get the bank off to a running start.”