In Adoption of new and efficient technologies is helping Indian banks build their competitive edge. The drivers of this adoption are growing use of safe and secure net banking facilities, launch of mobile banking by various banks and RBIs push for financial inclusion.
According to Frost & Sullivan, the spend on banking technology is expected to be around 20 percent of the total expenditures by banks and will grow at an annual rate of 14.2 percent.
Speaking on IT investments in the sector, Nishchal Khorana, Head - Consulting, Information & Communications Technology Practice, Frost & Sullivan, South Asia and Middle East, said, IT investments in the sector will be driven by multiple forces. These include the need to comply with RBI norms, support changing business models and leverage cloud computing and mobility solutions, which will result in comprehensive transformation in the IT landscape of large, cooperative and rural banks.
Hanuman Tripathi, Group Managing Director, Infrasoft Technologies Limited, is of the view that several opportunities are emerging in todays banking and financial services environment that small and large banks alike can leverage to take their businesses to the next level. These opportunities are mostly driven by technology. "Two of these, the advent of Cloud-based Core Banking and related applications, and the mobile platform, are rapidly enhancing transactions in the urban centers and the banks reach in the rural sector. For once, it looks like that a combination of these technologies could provide complete banking services to cover the entire nation of over 1 billion people. Even if this is a dream, it doesnt look that distant, he said.
Frost & Sullivans event on IT in Banking saw an array of experts from the Banking sector deliberate on the right end-to-end solutions required for banks to be world class. The speakers and panelists at the summit included, Hanuman Tripathi, Core Founder and Group Managing Director of Infrasoft Technologies Limited; Anil Batra, Managing Director, Riverbed Technology, India; Ravikiran Mankikar, General Manager, Shamrao Vithal Co-operative Bank and Devadatta Chandgadkar, Chief Domain Officer at Saraswat Infotech Limited.
Add new comment