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Rediff.com  » Business » Microsoft eyes Indian financial services mart

Microsoft eyes Indian financial services mart

By Janaki Krishnan in Mumbai
December 08, 2004 12:20 IST
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Microsoft India plans to increase its presence in the banking, financial services and insurance solutions segment.

The company has been working on experience banking, its integrated solutions for the banking sector for the last two quarters.

Tarun Malik, applications server and enterprise marketing manager with Microsoft India, said the idea is to provide end-to-end solutions right from the back office to the end user (the customer).

With banks profiling and segregating customers even within the broader categories of affluent, high income and low income groups, the idea is to provide solutions so that the banks can serve customers "ready to pay the extra service charge" better.

According to IDC, the opportunity for packaged software in BFSI is projected to rise to $500 million by 2008.

The other players in this segment include Oracle and IBM, but Malik pointed out that while Oracle was strong in database and IBM in services, Microsoft was providing end to end solutions.

Some of the customers to whom Microsoft is providing solutions include HDFC Bank, ICICI Bank, Punjab National Bank, Saraswat Bank and Shamrao Vitthal Bank. "We are aiming to address the whole ecosystems of the customer's needs," said Malik.

He pointed out that several co-operative banks were showing interest in the solution. Experience banking is supposed to helps banks change the customer, employee and operations experience so that they can achieve increased market share and profitability.

It is expected to help banks differentiate their brand and achieve a competitive advantage with increased employee satisfaction and productivity, faster response to changing market needs, and reduced total cost of ownership.

Malik pointed out that the idea is to provide this across all classes of cities and towns including the rural markets. In the insurance sector, Microsoft is waiting for the players to get their act together before making a comprehensive move.

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Janaki Krishnan in Mumbai
 

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