In 2005, Infosys’ Finacle was the largest selling retail banking product signing on 13 customers.
TCS’ Financial Network Services (FNS), a software product that automates retail banking, became the biggest supplier with 12 of the total 64 deals (for retail banking products) announced during the year. “TCS’ recent wins at Bank of China and Bank of Maharashtra reflect the fact that banks are finding it more attractive to go with players with end-to-end expertise."įlexcube, the flagship product of I-flex Solutions-an Oracle unit since late 2005-is the largest selling universal banking software product with around 43 of the total 179 deals in 2006. “As banks seek vendors with adequate skills in system integration and application development expertise", the services components in such contracts increase, said Martin Whybrow, founder of IBS. Kent, UK-based trade journal International Banking Systems (IBS), which tracks deals bagged by leading banking software product vendors, said that India-based firms are increasingly getting chosen in global deals beating peers, such as Temenos, Fidelity, AllShare, Misys and Tietoenator. But, shift the focus to software products and Indian firms find no mention in a list led by the likes of Microsoft Corp., SAP AG and Oracle Corp.
The domestic software services industry has carved such a niche in the global corporate world that CEOs of such firms say a large corporation’s business strategy is incomplete without an India dimension to it.