Banknet India releases White Paper on Banking Systems

Mumbai 26th July 2002. Banknet India has released a White Paper on Banking Systems, following the successful conduct of the "Banking Systems Survey 2002-03". Done with the objective of identifying existing and upcoming products, technologies and services for the Banking IT Industry, the survey also explored the need for new software products by the banking industry.

The White Paper was released at national IT Conference for Banks, Financial Services, and Insurance Industry in Mumbai organised by the Nasscom (National Association of Software & Services Companies) & IBA (Indian Banks’ Association).

The White Paper briefly covers the findings of the Banking Systems Survey and Industry trends. It provides an insight into the industry perception of senior professionals from Banks and IT companies.

"Banking Systems Survey 2002-03" attracted nearly 100 participants. Participating in the survey were 68 Indian & foreign IT companies and 24 banks, including foreign banks. Respondents to the survey included CEO’s, COO’s, CTO’s, General Manager’s, Vice Presidents, Marketing Heads and IT Heads.

"Banknet Directory 2002-03", earlier released by Banknet India, provides information on Banking Technology Industry and details about major IT companies and banks.

According to Mr. Anurag Khanna, MD & CEO of Banknet India, "The white paper will be of great value to banks and IT companies alike. The findings of this white paper will create a better understanding about the existing & upcoming products and technologies. While some of the findings were on predictable lines, there were a few eye openers too."

The salient findings of the survey include:

IMPLEMENTATION: "Clear Requirements from Banks"-most important factor for successful implementation

PRODUCT SELECTION: "Functionality of the Product "-most important factor for selling / selecting products

PRODUCT EVALUATION: Banks use mix of internal & external evaluation for product selection

CUSTOMIZATION: Banks require customization in the standard products

TECHNOLOGY AWARENESS: Bankers have good awareness and knowledge about technology related issues

TOP PRODUCT CATEGORIES: TBA & Web based applications among top product categories

POTENTIAL AREAS: Great potential in the areas of Risk Management, ALM and Treasury

BULLISH: 44% IT Companies bullish on new products; 50% on geographical expansion

MAIN HUB: Mumbai has emerged as the main hub of Banking IT

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