Modern core banking solution paves the way for Grameen Koota to accelerate business performance and expand client base in India

Temenos (SIX: TEMN), market-leading provider of mission-critical solutions to the financial services industry and Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering announced that they have implemented Temenos T24 for Microfinance and Community Banking for Grameen Koota Financial Services Private Limited (Grameen Koota). With a modern core banking structure that affords higher levels of automation and flexibility, Grameen Koota can now achieve its mission to reach a larger client base.

Over a period of nine months, Tech Mahindra and Temenos implemented T24 across 270 branches in five states to migrating a 1.1 million-strong customer base, consisting of 2.3 million loans and equipping Grameen Koota with the capability to achieve a daily loan disbursement for 10,000 customers. T24’s scalable architecture improves operational efficiency, streamlines Grameen Koota’s Management Information System, and enables access from remote locations, empowering growth across a wider geographical range and to more diverse rural communities.

T24 for Microfinance and Community Banking is specially configured for the specific requirements of microfinance institutions (MFIs) and is a robust platform for Grameen Koota’s multiple solutions and offerings such as credit, insurance, pension and non-financial services such as healthcare.

“Revamping our infrastructure with T24 is an important step towards accelerating operational efficiency and achieving growth targets. We can now become more customer-centric with the help of a versatile back-end system,” said Mr Udaya Kumar, Managing Director and Chief Executive Officer of Grameen Koota. “The credit for achieving the successful transition to Temenos T24 in such a short period goes to the dedication and hard work put in by Mr Arun Kumar B, Head of IT and his team members," he noted.

“Our deep expertise in implementing T24 and business understanding of Micro-community business served in providing a scalable solution to customers’ growing demand,” said Ravi Vasantraj, Global Head BFSI Competency, Tech Mahindra. “Customers are at the heart of all that we do and we are honoured to be a part of Grameen Koota’s vision to enhance financial inclusion in India.” 

“MFIs who want to thrive in a fast evolving landscape need mission-critical solutions to succeed,” said Martin Frick, Managing Director, Asia Pacific, Temenos. “Our award-winning T24 will fuel Grameen Koota’s ambitions in propelling India’s rural communities to a more progressive future. We want to continue expanding our proven track record and support MFIs in growing their market share and business scope.”

Temenos is the world’s largest provider of MFI core banking solutions, with over 220 clients. T24 offers a complete front-to-back office, CRM and product lifecycle management software platform that powers core banking operations for financial institutions from new starters, to established intermediaries entering a new market, to very large mass market retail banks. T24 has been consistently ranked as the first or second best-selling core banking software platform worldwide for the past 14 years (International Banking Systems Sales League Table).