Indian companies operating in the banking technology space are seen as a natural choice for banks across the world which wish to adopt advanced technology systems.
In a recent survey conducted by International Banking System (IBS), four Indian companies figure among the top 10 companies worldwide in the banking technology space.
According to the Annual Sales League released by IBS, the four Indian companies are i-flex Solutions (ranked at the top), Infosys (at fifth), InfrasoftTech (eighth) and Nucleus Software (10th).
Meanwhile, another study conducted by the Tower Group, which is an advisory research and consulting firm, points out that technology spending in the global banking industry is well on its way to increase by approximately 4% during the 2005 calendar year. Significantly, almost three-quarters of the spend will take place out of Europe and North America.
"Consumer banking will continue to represent the largest share in technology spending while wholesale banking will experience a steady recovery during the year," said Nasscom research head Sunil Mehta. Flexcube — an internet banking and e-finance platform from i-flex — has been ranked as the world's best universal banking solution for 2002 and 2003 by IBS. "Citigroup accounts for almost 38% of our aggregate revenue. Other top clients include the North Carolina Department of State Treasurer, Bharat Overseas Bank, IMF etc," said i-flex Solutions CEO and CFO Deepak Ghaisas. Infosys software product Finacle is used by approximately 84 banks worldwide. 3i Infotech is ranked 18th worldwide for banking technology products. "In fiscal 2004, our suite of banking software solutions contributed to about 8% of our total income," said 3i Infotech managing director and CEO V Srinivasan.