Sonali Bank Bangladesh adopts Polaris core banking tools
Bangladesh’s Sonali Bank has adopted a core banking system from Indian technology company Polaris Financial Technology, in a move that it says will transform it into the most modern bank in the country.
Sonali Bank is the largest state-owned bank in Bangladesh. The bank has 1,200 branches in the country and also has operations in the UK, the USA, the Middle East and India. The bank had already signed a memorandum of understanding to form a joint venture company, Sonali Polaris FT, together with Bangladesh Commerce Bank, in July 2011.
Sonali Bank required customisation, delivery, installation, implementation and maintenance of fully centralised online real time banking system as well as migration of data and training to the bank’s employees on ORTB in all its branches, subsidiaries and joint ventures around the globe.
“Under the guidance of Polaris Bangladesh, SPFT is the only company providing direct implementation, doorstep delivery and local support infrastructure to Bangladesh’s BFS segment,” said K Srinivasan, EVP & head of the Indian subcontinent, Middle East, and Africa business at Polaris Financial Technology. “Designed by bankers, our Intellect core banking system is highly scalable and caters to both private and public sector banks in the country. Supporting the vision of the bank, this implementation enables them to move towards next generation banking technology that provides them with a competitive service edge and faster go-to-market. On complete implementation across its 1200 branches, Sonali bank will serve as the most modern public sector bank in Bangladesh.”
Bangladesh has seen a host of new banks cropping up in recent months, as part of a government-driven push to improve financial inclusion in the country and drive up economic activity. Approximately 60% of Bangladesh’s 150 million population is currently unbanked, while two-thirds of the country’s population is still employed in agriculture, according to figures provided by the UN.
In April, new Bangladeshi bank South Bangla Agriculture & Commerce Bank began operations using Temenos T24 as its core banking software. SBAC Bank is one of nine new entrants to the Bangladeshi banking market this year.