3i Infotech bullish on mid-sized banks
3i Infotech, an IT company founded by ICICI Bank, announced that in the next one year, it will focus on mid-sized banks with end to end core banking, universal lending and factoring solutions to handle large transaction volume. The company is also planning to bring a host of automated solutions for the non-bank financial companies (NBFCs) in the next one year.
Speaking exclusively to CXOtoday, Madhivanan Balakrishnan, Global CEO, 3i Infotech Limited said, “A significant percentage of banks in the mid-sized category, are looking to replace their legacy solutions with more efficient and flexible core banking systems. At the same time, they need to justify their ROI by investing into solutions that are more reasonably priced that the Finnacle and other solutions available on the market that are more suitable for larger banks.”
With its wide customer base in Asia Pacific, Middle-East and African market, 3i Infotech is tapping a number of these banks with solutions that are expected to facilitate customer-centric product development and provide flexible customization capabilities. For this, the company is upgrading and expanding its Kastle family of products to enable banks to efficiently manage their retail operations as well as specialized corporate banking products to manage risk, asset liability, payments and treasury.
“As banks prefer core banking solutions with multichannel options like ATM, mobile, Internet, and IVR to attract customers, the new products are equipped with a multi-channel architecture approach,” says Balakrishnan. He explains the company is using internet and mobility-driven technologies to offer its customers, while at the same time, it is strengthening its cloud portfolio. “Until now 3i Infotech was known as a product based company offering technology products to banking and insurance companies. But with a growing number of acquisitions over the past years, we changed our business model and currently offering a mix of products and services – more specifically, value added services, such as voice and process BPO, to ensure enhanced customer satisfaction and this is how we would like to position ourselves, going forward,” asserts Balakrishnan.
Speaking on the company’s debt crisis situation in the current quarter with a dip in its fourth quarter revenues by 7 per cent on a quarter-on-quarter (Q-o-Q) basis, Balakrishnan says the company is bullish about its performance in the coming months, as it may also sell some non-core divisions to repay debt.“Acquiring newer clients and new markets would not be the focus this year. Rather we expect the boost in the revenues would come by providing end-to-end service to their existing clients, mostly in the emerging markets of South Asia, Middle-east and Africa,” he says adding that tThe company is targeting 15-20 per cent revenue growth in 2013-14 and expects a chunk of this growth to come from the banking sector in the emerging markets.
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