Janalakshmi Financial Services chooses IBM analytics, cloud and mobile capabilities

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Ramesh Ramanathan, chairman, Jana group and Ms.Vanitha Narayanan, Managing Director, IBM India exchanging MoU
Ramesh Ramanathan, chairman, Jana group and Ms.Vanitha Narayanan, Managing Director, IBM India exchanging MoU
Ramesh Ramanathan, chairman, Jana group and Ms.Vanitha Narayanan, Managing Director, IBM India exchanging MoU

ENARADA, Bangalore, July 15, 2014

IBM announced that it has entered into a six year agreement with Janalakshmi Financial Services (JFS), a leading India-based micro finance provider, to transform its business and technology capabilities.

Utilising IBM’s business consulting expertise combined with its Big Data and analytics, cloud and mobile capabilities, the company will strive to expand on its plans and vision to deliver affordable financial services to individuals and enterprises across India.

JFS provides innovative solutions for the urban under-banked and for the untapped nano and micro enterprise segment in India. According to industry estimates, 40 percent of India’s population is currently lacking access to formal banking and financial services, resulting in financial inclusion serving as a key government policy imperative for the country.

JFS has an aggressive expansion plan to increase its footprint from 154 branches and three million accounts to 1,400 branches serving over 20 million accounts by 2020. The company was looking for a partner who could support a scalable and viable business solution.

IBM will provide JFS with an end–to-end technology platform along with mobile and analytics based solutions which will gather and harness customer information as well as digitise and automate the organisation’s processes.

IBM will strengthen the existing JFS payment platform based on these same insights, which will enable them to create and offer an ongoing set of new payment products for its customers. In addition, IBM will use advanced analytics capabilities that integrate JFS’s geo-spatial insights with credit-decisions process to help improve distribution and collection models. IBM cloud solutions will also help the company’s underlying infrastructure to support multiple deployment options and ensure fully integrated service management.

JFS will also use a ‘Biometric Dedupe’ solution from IBM Research to enhance the speed of deduplication of fingerprints while onboarding new customers. The core technology platform has been developed from IBM’s experience and learning with leading telecom players in India.

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