Aegis signs contract with Punjab National Bank

PNB has outsourced its customer lifecycle management in a five-year deal worth more than INR 200 crore to improve customer relationships

Punjab National Bank (PNB) has outsourced its customer lifecycle management to Aegis  in a five year-deal worth more than INR 200 crore to improve customer relationships. 

PNB’s banking products and services – including core banking processes, lending services, deposits operations, internet banking and card-related services – will be supplied with Aegis multichannel customer lifecycle management support.

The 120-year-old bank has more than 6,000 branches.

The financial terms of the contract were undisclosed, however industry sources said it is worth in excess of INR 200 crore. 

Aegis will provide a customer relationship management platform, customer grievance resolution module and customer intelligence.

Loan manager at an Orai Branch of Punjab National Bank Sanjay Sinha said customer relationship is key to the bank's services. 

"We’re stepping ahead to take it to the top level – that’s why we’ve partnered with one of the leading multichannel lifecycle management support service providers,” he said.

Aegis global CEO Sandip Sen said the contract will initially involve 500 employees, which would then be scaled up to 1,500 people across Gurgaon and Bhopal.

Aegis has a strong focus on customer experience, domain expertise and multichannel delivery. The company has won more than 12 banking business process outsourcing (BPO) contracts across India over the past 18 months.

According to Gartner, Indian banking and securities firms will be spending about INR 470bn on IT products and services in 2014, with technology to provide real-time data at the top of shopping lists.

In the first quarter of 2014, the Reserve Bank of India (RBI) fined 22 banks for flouting know-your-customer (KYC) mandates, anti-money laundering norms and various other rules. Owing to the increasing number of scandals, the Indian finance sector is looking to upgrade its technology systems.

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