i-flex Launches FLEXCUBE Private Banking Suite

i-flex Solutions Ltd on December 17, 2007, has announced its entry into the Private Banking and Wealth Management space with the launch of FLEXCUBE® Private Banking Suite. The solution is easy-to-integrate with existing back office applications and cost effective for banks and financial institutions.

The solution today supports the entire lifecycle of Customer Management, Transaction Management and Portfolio Management functions for the Mass Affluent and High Net Worth segment of the bank's domestic business. The solution also has a comprehensive reporting, risk and core function engine.

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 personalized offerings to address the needs of this demanding and highly profitable customer segment.

"The FLEXCUBE Private Banking Suite enables institutions deploy holistic wealth management offerings that provide competitive differentiation and improve their share of the customer's wallet. The solution empowers institutions to shift their approach from a 'one size fits all' to a personalized model. It will also help them reduce costs by giving them the ability to retire standalone wealth management solutions," says N R K Raman, Managing Director and CEO, of the Company.

The FLEXCUBE Private Banking Suite provides financial institutions and their customers a unified view of customer wealth across their portfolios, including the ability to consolidate the holdings of a family. It enables 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 solution uses open standards and offers quick and easy integration with product processors, core banking, CRM and other back office systems.

Banks can offer wealth management services tailored and personalized to the specific risk profiles of their customers. In addition, the FLEXCUBE Private Banking Suite's well designed and flexible architecture enables institutions respond rapidly and nimbly to changing market conditions. The solution's agile J2EE architecture provides robust security, high performance, high availability, high scalability and easy extension for bank-specific customizations.