HP today announced it has helped Bank of India, one of the five largest banks in India, realize increased revenue and profitability, significant cost savings and improved process efficiencies through a major transformation of its business.

In collaboration with HP, Bank of India has implemented a core banking solution that is integrated with a new centralized data center and an information management warehouse. This has enabled the bank to transform itself from a branch-centric organization to a truly customer-centric financial institution.

According to an independent study by research and information services firm Thoughtware Worldwide, HP has helped the bank realize a 234 percent return on investment, a 209 percent internal rate of return and $182 million in savings over a five-year period, with the bank reaching its breakeven point in less than two years.(1) During the same period, Bank of India also doubled its revenues, tripled its profits and expanded its branch network by 22 percent.

Today, Bank of India uses a flexible and scalable architecture to meet the needs of changing market dynamics and to differentiate itself from the competition. The HP solution has enabled Bank of India to aggressively compete with new private sector banks while providing state-of-the-art capabilities, channels and products.

“Bank of India wanted to achieve faster time to market for new products and services as well as efficiently allocate resources to free up talent trapped in branches with centralized operations,” said Andy Orent, director, Banking and Capital Markets, Financial Services Industry, HP. “HP used its technology and industry expertise to develop a scalable technology infrastructure that helps Bank of India deliver consistent service levels and an overall improved customer experience.”