IB's Technological Output Delivers Again
On November 28, 2008, the next-generation core system of the Xinxiang City Commercial Bank in Henan Province officially went online. The system was developed by the Industrial Bank. This represents the first time that the Industrial Bank has provided information system development services for a small or medium-sized enterprise on the basis of integration as opposed to outsourcing. Previously, the Bank developed and sold a customized core business system to the Dongying City Commercial Bank in Shandong Province in 2007. This latest move by the Bank signifies that the Bank's innovative technological output service business model, the first of its kind in the domestic banking industry, is becoming increasingly mature. This model presents small and medium-sized banks with a low-cost and sustainable means of IT development that supports their expansion.
It has been reported that the information system development project of the Xinxiang City Commercial Bank also includes a comprehensive range of complete sub-systems in addition to a core business system. These sub-systems include a payment system for large and small amounts, financial management system, check imaging management system, commercial draft system and anti-money laundering system. Also included is a complete set of system operating maintenance and environmental assurance services. In reality, the Industrial Bank is not only outputting advanced technological systems, but is also assisting small and medium-sized banks in establishing efficient business processes and comprehensive product ranges. By capitalizing on the Industrial Bank's comprehensive technological services, the Xinxiang City Commercial Bank has fundamentally improved its level of Information technology utilization and IT management. Moreover, the launch of its new business system is also allowing it to optimize and upgrade its business processes, internal management, organizational structure and product range.
The Industrial Bank has long been committed to becoming a professional banking service provider for small and medium-sized financial institutions. On the strength of its “Bank-Bank Platform”, the first integrated financial service solution in the banking industry which covers payment and settlement, wealth management, technology management output, capital and assets/liabilities structure optimization, capital operation, foreign exchange agency, financing services and comprehensive training, the Industrial Bank has forged solid partnerships with a large number of city commercial banks and rural credit unions throughout the country. As of the end of November 2008, a total of 201 small and medium sized banks had signed agreements to receive services under the platform, 132 banks had come online and nearly 10,000 outlets connected via the “Guimiantong” System. At present, the Industrial Bank is developing information systems for six city commercial banks and one rural bank.