Polaris Gains Footprint in the Emerging Nepalese Financial Market
Social Development Bank (SDB), a national-level development bank in Nepal, has gone live with Polaris’ Intellect Core Banking Solution (CBS). Intellect CBS is a core-banking product with multi-currency, multi-branch and multi-banking capabilities, which will transform SDB’s banking technology platform enabling it to deliver modern banking services, gaining market share and expanding its reach. The solution is being rolled out with the help of Swift Technology, a technology consulting firm in Nepal.
The banking industry in Nepal is seeing heightened activity on both commercial and development banking side. This heightened activity along with spurt in number of banks has led to increased competition and fight for market share. In this scenario, technology becomes an important consideration for banks to realize their growth plans of increasing customer base. Intellect CBS will help banks in Nepal overcome the challenges of regulatory reporting, multichannel banking (internet, ATM and mobile) and provide access to remote branches/areas.
Amir Dhoj Pradhan, chief executive officer (CEO), SDB, said: “SDB was incorporated with the objective of providing modern banking services with a social focus and we are happy to leverage the vast experience of Polaris, its distinctive edge in the financial technology domain and its long standing performance benchmarks in our growth journey. After multiple assessment of available core banking solutions, we found Polaris’ Intellect CBS eminently suitable owing to its best in class features, ease of configurability and lowest TCO among all other global solutions available in Nepal.”