SAP offers digital banking capabilities for payment and small finance banks
SAP India, a subsidiary of SAP SE (NYSE: SAP) announced the availability of SAP financial services solutions specific to payments and small finance banks to enable them through a digital transformation journey. SAP’s expertise and capabilities accompanied by Reserve Bank of India’s (RBI) nod to non-banking entities to set-up payments and small finance banks, will provide a major push in the much required digitization of the Indian banking sector.
The company’s global expertise, resources, capabilities and scalability make it one of the most preferred and reliable digital enabler in the country. Financial inclusion and banking the huge unbanked population in India will assist families, individuals and whole communities to lift themselves towards prosperity.
“Digital banking will make financial services more accessible and affordable to the unbanked population. Banking the unbanked with innovative solutions underpins SAP’s vision of a technologically streamlined world that will improve people’s lives.” said Mr. Deb Deep Sengupta, Managing Director, SAP India.
For the Indian market, SAP plans to bring the digital core banking solutions set including the mobile wallet which are designed to provide a holistic platform that will cover mobile banking, analytics, digital customer experience and commerce. The payment and small banks will be able to quickly deploy mobile financial services to previously unbanked customers in remote geographies. SAP solutions are built to integrate various entities in the banking ecosystem like agent/partner networks to extend its reach through feature phones, smart phones, and online portals.
“I am extremely positive about the success of these financial solutions, which will also provide freedom, security, convenience and reliability to millions of consumers” said Mr. Avinash Purwar, Vice President, Global Partner Operations, SAP India.
SAP is a strong global player in the Banking and Financial Services Industry. For over 40 years, SAP´s innovations have metamorphosed more than 19,600 financial services companies across 150 countries to meet the needs of today’s banking customers. In India, SAP has successfully implemented both SAP Mobile Platform (SMP) and core banking in Adarsh credit co-operative society Ltd. Recently one of the largest public sector bank State Bank of India has gone live on the SAP platform in less than six months for its mobile wallet solution ‘SBI Buddy’.
Globally, the SAP Solution Portfolio for payment banks and small banks have empowered similar banks especially in emerging markets to become superior financial services providers in their markets by leveraging technology to achieve speed, large volumes, robust security, lower total cost of ownership, efficiency of transactions in a real time manner