What have been the challenges for these institutions in migrating from a legacy system to the new system?
Arivazhagan avers that HDFC, even when it came to be established, had been a forward-looking organization. "There had been fairly large scale automation in the organization - like in accounts. As such, automation of the loan system was not a major challenge. Even employees were pretty ready and they undertook the migration in an effortless manner. We had made provisions for continuous training for them at various levels. At no point of time, we had any parallel system running. Again the roll over was done in phases, location by location and this also helped in creating an awareness and in training the staff appropriately."
In the case of Union Bank of India, while data capturing in the manual system has been a difficult proposition, the bank had CBS in place and there had been no major legacy issues. "The database was available centrally," says Srivastava, "and so it was a question of implementing the system and training the people to make use of it. We had a team of 113 people and we implemented the system in a phased manner with meticulous planning. We adopted 'training the trainer' method and this proved to be beneficial. In a matter of eight to nine months, we could train some 3,700 people across all our branches before the system was rolled out in December 2008. This has been a sort of record."
Says Saraswati Shankar: "I do not foresee any major challenges in migrating to this system as the bank is very tech savvy and there is a CBS in place. Even training the people is not going to be any major challenge. LAPS will only strengthen our operations and business. All our branches will be covered by the system once implemented."
For Vijaya Bank, though the existing loan processing mechanism is predominantly manual, Kalia expects the migration to be a smooth affair. The bank will undertake to give adequate hands-on training to the field functionaries.
Shamugam says even when haVing a manual system, Mahindra Finance had operated on a centralized model - data available centrally. "This proved to be beneficial for us when we shifted from a legacy system to a robust ERP system. This has enabled us from 2000 till today to have a full fledged system to seamlessly capture data from various locations in a centralized server and to make the data and information available at various required levels. This actually helped us to automate our loan system in a smoother and effortless manner."
Arivazhagan avers that HDFC, even when it came to be established, had been a forward-looking organization. "There had been fairly large scale automation in the organization - like in accounts. As such, automation of the loan system was not a major challenge. Even employees were pretty ready and they undertook the migration in an effortless manner. We had made provisions for continuous training for them at various levels. At no point of time, we had any parallel system running. Again the roll over was done in phases, location by location and this also helped in creating an awareness and in training the staff appropriately."
In the case of Union Bank of India, while data capturing in the manual system has been a difficult proposition, the bank had CBS in place and there had been no major legacy issues. "The database was available centrally," says Srivastava, "and so it was a question of implementing the system and training the people to make use of it. We had a team of 113 people and we implemented the system in a phased manner with meticulous planning. We adopted 'training the trainer' method and this proved to be beneficial. In a matter of eight to nine months, we could train some 3,700 people across all our branches before the system was rolled out in December 2008. This has been a sort of record."
Says Saraswati Shankar: "I do not foresee any major challenges in migrating to this system as the bank is very tech savvy and there is a CBS in place. Even training the people is not going to be any major challenge. LAPS will only strengthen our operations and business. All our branches will be covered by the system once implemented."
For Vijaya Bank, though the existing loan processing mechanism is predominantly manual, Kalia expects the migration to be a smooth affair. The bank will undertake to give adequate hands-on training to the field functionaries.
Shamugam says even when haVing a manual system, Mahindra Finance had operated on a centralized model - data available centrally. "This proved to be beneficial for us when we shifted from a legacy system to a robust ERP system. This has enabled us from 2000 till today to have a full fledged system to seamlessly capture data from various locations in a centralized server and to make the data and information available at various required levels. This actually helped us to automate our loan system in a smoother and effortless manner."
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