BFSI sector to spend $2.5bn on IT in 2008: Study
The Banking, Financial Services and Insurance sector is expected to spend over 2.5 billion dollar on IT infrastructure in 2008.
By PTI |
NEW DELHI: The Banking, Financial Services and Insurance sector is expected to spend over 2.5 billion dollar on IT infrastructure in 2008, a study said.
Research firm Skoch Consultancy Services said the new projections reflect a growth rate of 18.5 per cent compared to last years figures of 2.1 billion US dollar.
The survey in which participated pointed out the outreach for different types of micro-credit activities and servicing the needs of the rural India is in the top of mind of around 86 per cent of participants. The survey polled CEOs of top 30 banks and insurance firms.
"One of the reasons for higher growth rate in applications like CRM, HRM, Business Intelligence and Data Mining is that they are now considered critical for cross selling, avoiding customer churn and differentiating brand and product offerings and knowing your customer better," said Sameer Kochhar, CEO of Skoch Consultancy Services.
The survey also said that mobile services are all set to assume significant role in future business plans of BFSI companies.
About 42 per cent CEOs felt the need for an integrated last mile delivery channel for all financial products, the study said.
Though 74 per cent of the respondents cited the need to target higher revenues and suggested that revenue could be enhanced through better customer relationship management, more fee-based income and cross-selling of financial products.
Research firm Skoch Consultancy Services said the new projections reflect a growth rate of 18.5 per cent compared to last years figures of 2.1 billion US dollar.
The survey in which participated pointed out the outreach for different types of micro-credit activities and servicing the needs of the rural India is in the top of mind of around 86 per cent of participants. The survey polled CEOs of top 30 banks and insurance firms.
"One of the reasons for higher growth rate in applications like CRM, HRM, Business Intelligence and Data Mining is that they are now considered critical for cross selling, avoiding customer churn and differentiating brand and product offerings and knowing your customer better," said Sameer Kochhar, CEO of Skoch Consultancy Services.
The survey also said that mobile services are all set to assume significant role in future business plans of BFSI companies.
About 42 per cent CEOs felt the need for an integrated last mile delivery channel for all financial products, the study said.
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Though 74 per cent of the respondents cited the need to target higher revenues and suggested that revenue could be enhanced through better customer relationship management, more fee-based income and cross-selling of financial products.
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