I-Flex Unveils Solutions For Pvt Banking

MUMBAI: I-Flex Solutions on Monday said it has launched a new banking solution which will enable the IT consulting firm to foray into private banking and wealth management space.

The company said the new solution — Flexcube Private Banking Suite — can be integrated with the existing back office applications and would be cost effective for lenders and financial institutions.

“The solution enables institutions to deploy wealth management offerings that provide competitive differentiation. The solution would help the banks reduce costs by giving them the ability to come up with standalone wealth management solutions,” CEO i-flex N R K Ramanc said.

With booming markets, especially in Asia, Central and Eastern Europe and Latin America, and the number of high net worth individuals rising, banks and financial institutions are working to create more sophisticated and personalised offerings to address the needs of this segment, i-flex said.

The solution would enable financial institutions and their customers manage multiple asset classes, including equity, mutual funds, bonds, structured products, real estate and commodities, whether held within the bank or with other external institutions, the company added.

On June 8, the banking industry solutions provider had announced it would collaborate with US-based security solutions provider, Bharosa, to offer the banks advanced security solutions for combating threats of consumer identity theft and internet fraud.