BFSI is the boom sector: Nasscom

BANGALORE: "Indian banking and financial sector has witnessed blazing success and created a huge opportunity for the Indian IT industry both in the international market and also domestically. With the financial services sector already accounting for more than 35 percent of the Indian software and services sector, the segment is well geared-up to offer customized financial products and services as per the Indian domestic markets requirements."

NASSCOM chairman Som Mittal stated this while speaking at the IT@BFSI 2003, a conference being hosted by NASSCOM in conjunction with Indian Banks' Association. The one-day conference focused on building IT implementations in the Banking, Financial Services & Insurance (BFSI) sector and key strategies for leveraging IT for the growth in this sector. The theme for this year's conference was 'Maximising IT returns: Opportunities, Challenges and Best Practices'.

"The BFSI sector in India has increasingly leveraged IT resulting in increased customer reach, enhanced efficiency and over all improved performance. The goal of this segment-to deliver "anytime, anywhere" services to customers is now being realized through the use of IT," Mittal said.

Some of the important discussion session which marked the success of the one day event included The Road Ahead - Understanding the implications of IT in the business transformation, New and emerging payment systems in India, Technology alignment for business transformation, Building a customer experience, Managing business risks and end-end solutions for the BFSI sector.

The conference focussed on a road to leverage IT to improve customer service and address challenges faced by the BFSI sector. Indian Banks' Association chairman V Leeladhar delivered the keynote address at the conference.

Speaking on the occasion, he said, "Forums such as IT@BFSI 2003, play a significant role in further enhancing IT adoption in BFSI sector. From traditional software and connectivity solutions, to new service delivery technologies such as ATMs, mobile and Internet banking-the Indian BFSI sector is undergoing rapid transformation which would lead to provide a totally new face to the BFSI sector in India."

(Cyber News Service)