Online community Forum for the Banking Financial Services and Insurance (BFSI) industry launched

The Banking, Financial Services and Insurance (popularly known as BFSI) industry, as many of us know, is one of the biggest industries both in terms of direct and outsourced services worldwide.

Indian domestic BFSI market is rapidly growing and is evident from India's largest bank State Bank of India, topping the chart in IT spending in the BFSI sector with about 400 crores spent last fiscal on BFSI projects alone: Ashwin Palaparthi

Hyderabad, June 15...: The Banking, Financial Services and Insurance (popularly known as BFSI) industry, as many of us know, is one of the biggest industries both in terms of direct and outsourced services worldwide. There are many internet based discussion groups, forums available on many subjects, but, ironically, you don't find many on BFSI industry. To bridge this gap, Hyderabad based Knowledge Development Startup Company ValueMinds launches www.bfsiforums.com today.

www.bfsiforums.com is a sincere attempt to augment the need for information, discussion and exchange of ideas for common good of the BFSI industry. Because, be it developed markets or "yet-to-transform" markets, BFSI services and products are, undoubtedly, the key enabler of economy and it therefore deserves an internet based nexus to stop by and discuss the relevant topics informed Mr. Ashwin Palaparthi, Founder and Principal Architect of ValueMinds who until recently was associated with AppLabs as Assistant Vice President, shuttling between the US and India.

Stating further Mr. Ashwin added that as India marches far ahead of other Offshoring nations, it gets a boost in the form of the biggest chunk of US banking, financial services and insurance BSFI offshoring pie. India stands to get at least 30 per cent of the $400-billion pie being thrown up for grabs by the US BFSI industry by year 2010.

The banking, financial services and insurance (BFSI) vertical continue to witness some of the largest offshore spending and surveys estimate that the US BFSI industry would outsource as much as 20 per cent of its cost base (amounting to $400 billion) to offshore locations over the next four years.

On domestic front, India's largest bank State Bank of India (SBI), also topped the chart in IT spending in the BFSI sector. They spent about 400 crores last fiscal on BFSI projects said Mr. Ashwin.

Given the potential of the industry, the forum helps many industry professionals and experts harness it to the fullest extent possible. Many industry professionals stand to get benefitted by sharing each others experience to excel in their area of specialisation, added Mr. Ashwin.

Dozens of companies have built very successful banking and financial products (like Finnacle from Infosys, OrbiOne from Polaris, FlexCube from iFlex and so on). There are also a lot of pre-packaged applications like SAP financials and ORACLE financials. Dozens of successful Financial Service ISVs exist worldwide (NY alone has many of them), he stated.

Business analysts, domain consultants, domain specialized software testers and many other roles are lived by thousands of people who build and operate the BFSI platform. While many other user-groups from different industries and technologies have online communities, ValueMinds has viewed it as an irony that same is not the case with the BFSI industry. Thus embarked on this most sought after service, Mr. Ashwin informed.

Turning knowledge to value is the mantra at ValueMinds, and BFSIFORUMS.COM is one of its strong instances.

Mr. Ashwin Palaparthi can be reached on his mobile: 9963113399 for any further information.

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