BWI: Banking Technology Market to grow at an Annual Rate of 14.2 per cent, notes Frost & Sullivan

Press release from Business Wire India
Source: Frost & Sullivan
Thursday, April 19, 2012 07:57 PM IST (02:27 PM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Banking & financial services, Business services, Information technology; Technology
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Banking Technology Market to grow at an Annual Rate of 14.2 per cent, notes Frost & Sullivan
At its IT in Banking Summit 2012 held on April 19, 2012 in Mumbai

Mumbai, Maharashtra, India, Thursday, April 19, 2012 -- (Business Wire India) -- 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 RBI's 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, notes, "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 today's 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 doesn't look that distant."

Frost & Sullivan's 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

Frost & Sullivan IT in Banking Summit was a well-attended event with large number of contemporary subjects discussed in detail during the conference. The Summit was successful in building interaction amongst the industry practitioners to find solutions to the upcoming challenges in the marketplace.

The Gold Partners supporting the Summit were InfrasoftTech and Riverbed Technology. Media Partners supporting the event were Biztech2.com, InfotechLead.com and Infosecurity.

If you wish to know more about Frost & Sullivan's 1st Executive Summit on IT in Banking 2012, please send an email with your complete contact details to Caroline Lewis / Akshata Mhatre at caroline.lewis@frost.com / akshatam@frost.com For more information on the Summit, please log on to http://www.frost.com/ITinBanking2012

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 40 offices across six continents. To join our Growth Partnership, please visit http://www.frost.com.


CONTACT DETAILS
Caroline Lewis, Corporate Communications - South Asia, Frost & Sullivan, +91 98217 37935, caroline.lewis@frost.com
Akshata Mhatre, Corporate Communications - South Asia, Frost & Sullivan, +91 (22).66072020, akshatam@frost.com
Nimisha Iyer, Corporate Communications - South Asia, Middle East and North Africa, Frost & Sullivan, +91 9820050519, niyer@frost.com

KEYWORDS
CONSUMER, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, IT, TECHNOLOGY

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