Eleven branches of MDM Bank’s regional Yug (South) bank have been linked through CFT’s software solutions
Center of Financial Technologies and MDM Bank have taken the next step in a major project to centralize the CFT-Bank information systems (Platform 1) and the CFT-Retail Bank (Platform 1), which were installed in the branches of four regional banks that are part of one of the biggest financial institutions in Russia.
As the next step in the project, the CFT software solutions were used to link all the branches of the regional Yug (South) Bank and MDM Bank into a single, automated banking system. These banks are located in the cities of Nizhny Novgorod, Krasnodar, Rostov, Voronezh, Obninsk, Orel, Ivanovo, Volgograd, Stavropol, Penza, and Arkhangelsk.
The CFT-Bank information systems (Platform 1) and the CFT-Retail Bank (Platform 1) had previously been introduced in all the branches of the regional banks in Siberia and the Urals with head offices in Novosibirsk and Ekaterinburg.
MDM Bank branches in Saint-Petersburg and Murmansk will complete their transition to a single, centralized, automated banking system by late 2011. The Moscow branches will also begin moving over to CFT’s software solutions. The project’s ultimate goal is to shift all the branches of MDM Bank to a single, centralized, integrated system, based on the CFT-Bank software solution (Platform 1) and the CFT-Retail Bank (Platform 1), by the first quarter of 2012.
The IT project at MDM Bank presents its own features and challenges, and specialized approaches must be created to solve them. MDM Bank is the only leading financial institution in Russia in which financial decisions are made right in the regional bank offices that serve the customers. In this type of business structure, the influence of the head office is reduced and the bank’s regional subdivisions have a larger role. The responsibility of the head office is merely to oversee and coordinate the bank’s business operations. CFT created a unique, centralized software solution designed specifically to be compatible with this system of bank management, based on CFT-Bank (Platform 1) and the CFT-Retail Bank (Platform 1) software products.
MDM Bank, OAO is one of the oldest private banks in Russia. It was founded in 1990 and for more than 20 years has been winning the loyalty of millions of retail and corporate customers. MDM Bank is now one of the largest banks in Russia, based on a number of key indicators, such as equity capital, total assets, and total deposits made by non-corporate customers. Today, MDM Bank is a dynamic financial institution that is actively involved in developing the Russian economy and financial system. The Bank has more than 200 divisions in 118 cities in Western Russia, the Urals, Siberia, and the Far East. The Bank’s customers include approximately 3 million individuals and more than 35,000 corporate customers and small/medium businesses, to whom the Bank offers a wide range of financial services. The Bank now has a representative office in Beijing. MDM Bank’s official website is www.mdm.ru