Pitney Bowes banks on Indias BSFI sector

MUMBAI, INDIA: Pitney Bowes, the global provider of mailstream technology, document management solutions and services is bullish on the rapidly growing banking, financial services and insurance (BFSI) industry in India.

“We are currently focusing on the BFSI sector here, because it has the largest opportunity for transactional communications. And there is a large opportunity for us to help organizations to communicate effectively with their customers. So we are very focused on the Indian BFSI sector,” K M Nanaiah, Pitney Bowes India's managing director told CyberMedia News.

According to Nanaiah, BFSI sector in India – whether it is banking, financial services or insurance – all are growing at a double-digit rate.

“At present the penetration of insurance sector is low so it provides a big opportunity for all the insurance companies to market insurance products in India. And all such communications for insurance payments, renewal notices, new products and services – need solutions and technology and hence it provides a great business opportunity for Pitney Bowes to play in,” Nanaiah explained.

The New York Stock Exchange (NYSE) listed company entered into India in 2004 and has a strong hold of 12,000 customers here which are largely using the company's postal franking machines and other products. About 50 per cent customers are from government sector and remaining are from non-government sector which include corporate houses. Close to 20 per cent customers are from BFSI segment.

“We are the only organization in India to have direct presence, operations and investments in the market. And it gives us some advantage in the Indian market in terms of our ability to support customers' expectations on services, deliveries and solution architecture,” Nanaiah pointed towards the company's advantages in India.

About BFSI sector's business scope, Nanaiah observed that the sector will significantly spent on technology in next two years. “Some industry studies showed that the expected technology spent by the sector in India by 2013 would be about US$ 2.7 billion. And from Pitney Bowes' point of view, with the volume growth, you need technology to support services and customers. So our opportunities are relative to the growth of the BFSI sector,” he said.

“And there are many organizations which are still using manual processes and are not using technology or automation, so we have an existing opportunity, which we are targeting at this point of time,” Nanaiah added.

The company is headquartered in Delhi with 10 offices across the country with overall 150 employees, which are largely involved into service and support. It has maintained a consistent double digit growth from 2005 onwards except for 2009, due to the global economic crisis, owing to which the mail volumes dropped on the transactional side.

However, with the BFSI sector's emergence, Pitney Bowes is gearing up to explore the business opportunities of this sector.

“We are in the process of establishing an enterprise sales organization primarily to focus on BFSI segment and large enterprises in India,” Nanaiah said, adding, “While this organization is in the process of being established, we already have a national call center based in Delhi for all our customers to call in and avail our services.”

He said that BFSI presents a huge opportunity for the company and it is confident of growing considerably in India.

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