Central Bank of India opts for IBM analytics

NEW DELHI: Central Bank of India is leveraging IBM analytics to transform its financial management processes which includes activities ranging from budgeting to forecasting to liquidity management.

The automation of its processes was triggered by changing regulatory environment and to get a better understanding of customer behaviour. With IBM's solution for corporate performance management, Central Bank of India believes it will be able to gain better insight into branch and regional office performance, allowing for flexibility and quicker shifts in strategy to drive improved results while also maintaining regulatory compliance.

With use of analytics, the Central Bank of India has moved away from spreadsheet based planning to a process that analyzes daily financial data based on actual performance.

"With the rapid explosion of Big Data, collecting, sourcing and analyzing real-time data from multiple sources is a growing challenge for banks," said Jeby Cherian, vice president and managing partner, global business services, IBM India/South Asia, in a release. IBM's solution will help convert raw data into decision-making tool.