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Indian Banks Quick to Adopt IT|
- By CXOtoday Staff, Jun 08, 2009 1159 hrs IST
- Tags : Indian Banks, HDFC, Haragopal Mangipudi, Anil Jaggia,
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India can well set the example of how banks use information technology not only to expand business, but also for inclusive growth.
India is being watched by global players, said Haragopal Mangipudi, vice president- Infosys and head Finacle on the sidelines of launching a new facility at Union Bank in Bangalore. The facility enables the bank s Internet users use a self created password to operate their accounts.
The thrust areas are in financial inclusion, wealth management, mobile and Internet banking, Mangipudi said. There is a huge opportunity to tap low cost deposits especially in areas that do not have access to banking.
On mobile banking, he said it may take some time as there is caution as far as regulations are concerned. The BFSI CXOs who had congregated at a recent Banknet summit could not have agreed more. And yet, they were optimistic that mobile commerce will contribute at 20 per cent of their over all business in the next ten years.
Mobile banking is one of the key challenges that HDFC bank will be focusing on in the near future, said Anil Jaggia, CIO, HDFC Bank, while speak with CXOtoday. Although the benefits of mobile banking are many, the concept is yet in an early adoption stage.
Mobile tools have to go main stream and at least five percent of our business has to come from the mobile channel in the near future, he said. Every new technology has to make a beginning somewhere, but it also has to quickly go main stream for it to be effective. In the long term, say over next 10 years, we want 20% of our transactions to happen over the mobile channel.
Related Links:
Infosys Increases India Focus
Infosys Hints at More Cost Cuttings
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