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 systemsthat 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.