North East Small Finance Bank, a subsidiary of North East Microfinance, has successfully migrated its Core Banking Systems (CBS) to M2P‘s Turing CBS, a fintech startup based in Chennai. With a network of over 225 branches in Assam, the bank’s transition to M2P’s advanced digital banking solution marks a significant milestone in its journey towards modernizing and streamlining its operations. The move will enable the bank to leverage a comprehensive suite of digital components, including a robust CBS, a payments hub, and various back-office platforms to enhance customer experience and drive operational efficiency.
By adopting M2P’s Turing CBS, North East Small Finance Bank gains access to a wide range of digital banking tools and functionalities. These include a cutting-edge CBS that serves as the backbone of the bank’s operations, ensuring seamless processing of customer transactions and providing real-time visibility into financial data. Additionally, the integration of a payments hub into the system equips the bank with essential features such as the Debit Card Management System, Unified Payments Interface (UPI), and Immediate Payment Service (IMPS), enabling secure and convenient digital transactions for customers.
Furthermore, M2P’s Turing CBS offers the bank a suite of back-office platforms that enhance efficiency and regulatory compliance. These platforms include a Treasury system for managing financial assets, a Digital Identity system for secure authentication, a Centralised KYC processing system for streamlined customer onboarding, and comprehensive tools to monitor and ensure compliance with Anti-Money Laundering (AML) controls. The implementation of these advanced systems strengthens the bank’s operational infrastructure and safeguards against potential risks.
The migration to M2P’s Turing CBS brings numerous benefits to North East Small Finance Bank. Firstly, it enables the bank to transition from traditional banking solutions to a modern, technology-driven platform, empowering it to meet the evolving needs of its customers in a rapidly digitizing financial landscape. The adoption of a comprehensive suite of digital components optimizes the bank’s service delivery, facilitating faster and more efficient transaction processing, reducing manual errors, and enhancing overall customer satisfaction.
Moreover, the advanced functionalities provided by M2P’s Turing CBS empower North East Small Finance Bank to offer a seamless and secure banking experience to its customers. The inclusion of UPI, IMPS, and other digital payment options enables customers to conduct transactions conveniently using their preferred channels. Additionally, the bank’s back-office platforms enhance operational efficiency, enabling faster processing of KYC requirements, ensuring compliance with regulatory norms, and strengthening the overall risk management framework.
The collaboration between North East Small Finance Bank and M2P highlights the growing importance of fintech partnerships in the banking sector. By leveraging the expertise and technology offered by fintech startups, traditional banks can enhance their digital capabilities and deliver innovative solutions to customers. The selection of M2P as the technology partner showcases the bank’s commitment to embracing digital transformation and providing cutting-edge services to its customers.
As the banking sector continues to witness rapid digital transformation, the adoption of advanced core banking systems, such as M2P’s Turing CBS, will play a crucial role in shaping the future of banking. By embracing innovative technologies and offering seamless digital experiences, banks can position themselves at the forefront of the industry and cater to the evolving demands of tech-savvy customers.
North East Small Finance Bank’s migration to M2P’s Turing CBS signifies a significant step towards digitalization and innovation in its banking operations. The adoption of this advanced core banking solution equips the bank with a suite of digital components, enhancing its capabilities in areas such as transaction processing.
Furthermore, the back-office platforms provided by M2P’s Turing CBS offer additional benefits to the bank. The Treasury system enhances financial management by providing real-time monitoring and optimization of financial assets. The Digital Identity system ensures secure authentication, protecting customer information and preventing unauthorized access. The Centralized KYC processing system simplifies customer onboarding processes, reducing paperwork and enhancing operational efficiency. Additionally, the compliance systems enable the bank to meet regulatory requirements and effectively monitor Anti-Money Laundering controls.
