Munch and Byte: Boon for IT vendors in 2005... Sucess factors in BFSI Domain

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Hi Friends,

This week for you to munch some crackering nuts of Banking and finance. Digest this info. by bitting it slowly and surely to bring success in your professional career.

1. Success Story - Consolidation of Core Banking Solution:

When Bank Mandiri was created out of the merger of four banks in 1998, it was saddled with nine disparate core banking systems and 120 data centers. The business of the bank was also predominantly focused on corporate banking. Mandiri, which aimed to turn itself into a universal bank, had a huge task of using IT to address its business objectives.
Read the challenges and excitment of IT Manager handling it prudently at ASIAN BANKERs.

2. Forcast by TOWER Group on BFSI Customers spending in 2005:

The U.S. financial services industry will spend a projected $117.8 billion on information technology in 2005, a $5 billion increase over 2004, according to new research from TowerGroup.

TowerGroup finds that U.S. institutions are making both organic growth and operational efficiency top priorities with IT serving as a critical link between the two.

Yet the research group also finds that U.S. financial institutions are standing at an IT crossroads—one that will greatly impact these firms’ ability to grow their business, satisfy customers, manage risk and cope with an increasingly challenging regulatory landscape.

Financial institutions traditionally viewed organic growth and operational efficiency as separate, and often incompatible, business strategies. But TowerGroup says that a number of financial institutions are recognizing that they are closely linked and can work hand in hand.

3. Diebold - Leading ATM manufacturer Making news:

• Diebold has made a major business breakthrough at four Icelandic banks. The Ohio-based company recently installed a software solution on competitive equipment throughout the country.
  

• The solution was developed using Diebold’s Agilis Power software toolkit. ATM machines manufactured by NCR are now powered by Diebold terminal software at Iceland’s Landsbanki, Kauphthing Bank, Islandsbanki and the Savings Bank Datacenter.
  

• Agilis Power is the first Diebold ATM product to be used in Iceland, according to Diebold. Agilis is an open, cross-vendor software platform that allows multiple vendors’ terminals and their respective technologies to co-exist. The flexibility of Agilis allows Diebold to meet the specific needs of each financial institution, the company says.

• To better reflect the market it serves, Diebold Credit Corporation, a wholly owned subsidiary of Diebold, Incorporated (NYSE: DBD), has officially been renamed Diebold Global Finance Corporation. Diebold Global Finance provides financing for all Diebold products, including self-service technology and security solutions on a global basis, including hardware, software and services.
  

I anticipate in near future, it will help Indian market which is rich with pentration potential and hungry for Capital Inflow to support Retail ATM model similiar to US and UK market. It is oberserved that, if proper business model as suggested by me can be used selling 10,000 ATMs per year target can be at arms length in two to three years.

Hope u guys have enjoyed and digest the food for your grey cell. Do drop a word as your valuable comment on analysis and reports.