We May Renegotiate Deals With Vendors: StanChart
BFSI will no longer be the cash cow it once was in the changed economic scenario and slowdown that has affected the global economy, said David Awcock, group head (technology) of Stanard Chartered Bank.
"These are challenging times for the industry, business has changed fundamentally," said Awcock. Technology investment in the BFSI sector will not stop, but will certainly slow down. The focus now will be on capital management and liquidity, he said.
Talking about the impact of the global meltdown on Standard Chartered’s own tech investments, Awcock said that the bank’s focus will be on cost savings and efficiency.
Server and storage consolidation, virtualization and embedded use of open source systems will be increasingly relied upon to bring enhanced efficiency and save cost.
Stressing on bringing more flexibility in the three key parameters — people, process, and technology, Awcock said, "Vendors can expect a call from us for some renegotiations of some deals."
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