The Hindu Business Line : Laser Soft develops low-cost core banking solution

Addressing presspersons here, Mr B. Suresh Kamath, Chairman and Managing Director of Laser Soft, said the company had developed the CBS - `Panacea' - keeping mass banking in mind. Most banks give preference to metro and urban centres while implementing the CBS, ignoring rural and semi-urban branches. He said `Panacea' could be used in rural and semi-urban branches.

Terming it as the lightest CBS, he said Corporation Bank and Andhra Bank had implemented the company's CBS at the total cost of ownership of less than Rs 4 lakh a branch compared with Rs 50 lakh a branch in most of the banks. The software is light in terms of hardware resources and transaction cost.

"Cost for a bank using Panacea can be as low as 7.5 paise per transaction, whereas the present CBS products incur an expenditure of Rs 25-50 a transaction," he said. Panacea is also compatible with Basel II requirements.

Co-op banks

Considering the technology requirements of small banks, Laser Soft has developed CBS for cooperative banks. A bank with 20 branches can implement CBS at a total cost of Rs 10 lakh, and banks with 50-100 branches can implement it at a cost of Rs 25 lakh, he said.

Facility management

The company's facility management segment has seen a growth of 50 per cent last year, and 22 per cent of its total revenue comes from this segment. The company is reconciling the operations of ATMs of some of the banks in the country under the facility management service, he said.

RFID

Mr Kamath said that Laser Soft has made an entry into the RFID (radio frequency identification tags) segment by developing two products for an US company - Codeplus. He said that RFID would play a major role in the card-based banking products segment.

`A biz model that's different'

LASER Soft seems to have found a good business model by employing a number of people with disabilities.

At present, people with disabilities constitute 15 per cent of the 450 employees of the company. "Hiring the people with disabilities is a good business model. There is no charity in this. People here are motivated and contribute immensely for the development of the organisation. Their commitment level is high," Mr Kamath said.

In fact, the attrition level in the company is less than 4 per cent. He said the company plans to increase the number of people with disabilities to 40 per cent of the total workforce in two years.

The people with disabilities, who come from non-engineering background, are trained in the specially constituted Life Institute of Technical Education (LITE). At LITE, they are provided with free software education and paid stipend during the training period. After the training, all of them are offered employment at Laser Soft, he added.

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