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Banking Sector Transformation Continues to be driven by IT Solutions, notes Frost & Sullivan


April 10, 2012 - Mumbai, Maharashtra, India

India has the highest concentration of banking entities globally and these form the backbone of the economy, contributing nearly 65 percent of the GDP in 2011. The banking sector has been witnessing dynamic growth over the last few years; and along with nationalized banks, many private and foreign banks have setup operations in India. Banks now are critically dependent on information technology (IT) to support core functions. The rising competition in this sector has led to further adoption of IT systems to streamline and automate banking processes.

The Indian banking sector has invested heavily in state-of-the-art technology and applications, enabling it to innovate and adopt global best practices, meet customer expectations, and gain operational efficiencies. As the way forward, banks now seek to outsource the operational activities of IT management and focus on their core business competencies, giving them a sustainable competitive edge.

IT has become a necessity for the banking sector in order to deliver 100 percent performance and offer its customers complete value. But more than just implementation is the need to understand which solution will work best for the banking sector and offer competitive advantage. To address this need and brainstorm with the best IT professionals in the industry, Frost & Sullivan is proud to announce a pioneering event, as it gears up to host the very 1st Executive Summit on IT in Banking on 19th April in Mumbai.

Commenting on the launch of this novel IT in Banking Summit, Nishchal Khorana, Head - Consulting, Information & Communications Technology Practice, Frost & Sullivan, South Asia & Middle East, noted, “The banking vertical relies heavily on technology for operational activities. While on one hand, cooperative and rural banks are investing in core banking solutions to meet basic requirements, larger banks are investing in solutions providing enhanced customer experience and operational excellence. This creates the need for a platform for industry thought leaders to discuss and debate various means to optimize IT spending, increase value from existing solutions, and define best practices. Frost & Sullivan’s IT in Banking Summit 2012 is the ideal forum that will enable achieving this objective.”

The key areas of discussion at the Summit will be the New-Age IT Landscape, Overcoming the Operational Challenges and Rising Customer Expectations, Emerging Technologies and Impact on the Indian Banking Landscape, Changing Role of System Integrators, and Industry Best Practices. The Summit will see participation of key decisions makers from the Indian banking sector.

The Gold Partners for the Summit are InfrasoftTech and Riverbed. Media Partners supporting the event are Biztech2.com, InfotechLead.com and Infosecurity.

If you wish to attend Frost & Sullivan’s 1st Executive Summit on IT in Banking 2012, please send an email with your complete contact details to Caroline Lewis/Akshata Mhatre at caroline.lewis@frost.com/akshatam@frost.com. For more information on the Summit, please log on to http://www.frost.com/ITinBanking2012

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 40 offices across six continents. To join our Growth Partnership, please visit http://www.frost.com.

Source: Business Wire India

BusinessWireIndia

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