Top 10 Promising BFSI software Companies 2013
BFSI IT Market in India is growing at a CAGR of over 10 percent under the influence of upsurge in transactions through ATMs, and penetration of internet and mobile banking. As per a KPMG-CII report, the banking industry in India is well poised to become the fifth largest banking industry in the world by 2020 and third largest by 2025.
Realizing the role of IT in this growth, banks are increasingly spending on modern IT solutions. While large financial institutions are going beyond core banking applications to mobility/electronic payment solutions and business-focused solutions, small and medium organizations in the sector are increasing investments in core banking solutions and showing increased interest in cloud computing. Demand for better personal banking, and high cell phone penetration in the country are creating a platform for mobile banking services.
However, despite the overall strong market growth in the industry, there are still some serious challenges. Cyber security does seem to be the buzz word of the hour, but it is a big concern for any organization looking to adopt new technology. In addition, the financial sector in India is witnessing the introduction of a number of new regulatory frameworks, which have increased the need for enhanced compliance functions among organizations in the BFSI sector.
IT vendors are playing a key role in the evolution of banking sector through efficient and innovative technology solutions. However, there is a need to select the most suitable BFSI solution provider. CIOReview presents to you the ’20 Most Promising BFSI Software Companies’ in India. A distinguished panel comprising of CEOs, CIOs, VCs, IT innovators along with CIOReview’s editorial board has decided on the top 10 names.
We present to you CIOTechOutlook Top 10 Promising BFSI software Companies 2013.
| Company Name | Company Description |
|---|---|
| Antares Systems | Indian economy is growing steadily and huge infrastructure projects are being sanctioned and executed by both state as well as central government departments. Realizing the importance of... |
| Clover Infotech | Clover Infotech, headquartered in Mumbai, Maharashtra is a provider of technology solutions and services across the spectrum of industry verticals in the areas of technology consulting, application... |
| DataVision | The BFSI IT product space is characterized by heavy investments, long project gestation periods, changing industry trends and employee issues. Banks and financial institutions are keenly looking at... |
| Opus Consulting Solutions | It is widely acknowledged that retail payments are cornerstone of payment technology sector and within financial services. The current market of payment solutions is very dynamic with newer payment... |
| Processware Systems | BFSI market in India is today witnessing an exponential growth following RBI’s plan to issue new licenses for small finance banks and payment banks in the next 12 months. Additionally, Prime... |
| Evolvus Solutions | Banks have moved from decentralized environment to a consolidated and centralized automated environment. Centralization and consolidation of automation has empowered banks to manage operations... |
| Puratech Solutions | Today’s banking customer lives in a complex, fast-paced, technology-driven environment. To meet this expectations, banks and financial institutions are striving to build their repertoire of... |
| Sollet Soft Solutions | Through Annual policy Statement 2012-13, RBI advised State Level Bankers' Committees (SLBCs) to prepare a roadmap covering all unbanked villages of population less than 2000 and, allot these... |
| Forbes Technosys | BFSI industry is witnessing a paradigm shift in terms of formats and service delivery. Banks are facing fierce competition when it comes to retaining and expanding their customer base. In order to... |
| Market Xcel | Marketing has always been about thinking BIG and great marketers have great GUTS! Likes of Steve Jobs, Leo Burnett etc. did not require data on consumer understanding and brand knowledge to create... |