Survey shows most banks opt for an integrated solution

According to a sample survey conducted at i-flex's Financial Leadership Summit in Jaipur, 52 percent of the surveyed bankers said they intend to begin replacing their legacy core banking systems—that help banks manage everything from maintaining customer accounts to the most complex financial transactions.

Sixty-two percent of the bankers preferred implementing an integrated solution from a single vendor to replace legacy systems. Ranked high among their requirements for such a solution were flexibility, agility, and the ability to quickly address customer requirements by introducing new products. Eighty percent of the bankers were already using outsourced service providers as part of their business strategy.

Over 50 percent of bankers polled believed their priority for 2004-05 was to improve customer acquisition and retention. Implementing a CRM solution and providing or enhancing an Internet-based self-service delivery channel would be the other approaches to addressing the issue of customer acquisition and retention. Eighty percent of the respondents said their focus area is a consumer lending and financing solution, that manages consumer loans, including those for automobiles, recreational vehicles and home improvement.