Ahmedabad, Nov. 7
ENTERPRISE software major Oracle added nearly 400 new clients in the financial services and insurance sector in the last one year and now claims to command nearly 80 per cent market share of core banking applications in India.
The important customers acquired during the year include Andhra Bank, Bank of India, Canara Bank, Central Bank of India, DSP Merill Lynch, HDFC Bank, Indian Bank, ICICI Bank, IDBI, Karnataka Bank, Punjab National Bank, Saraswat Bank, UTI Bank and Yes Bank.
"Along with our partners, we acquired 400 new clients in the last one year. These client wins have come in both horizontal and vertical applications of Oracle and its partners," the Senior Director (FSI), Oracle India Ltd, Mr Suraj Pai, told Business Line.
Mr Pai defined vertical applications as those relating to core banking, loan management and treasury operations while the horizontal applications comprise Human Resource Management Services (HRMS), Customer Relationships Management (CRM), profitability and balance-sheet applications.
Asked about the share of the FSI sector in Oracle India's revenues, he said that the company had a 80 per cent market share and the sector accounted for a "sizeable chunk" of its income.
Mr Pai said the FSI sector was one of the highest IT spenders as banks faced the two key challenges of better managing their customer base and compliance with the different regulations for the banking industry.
"Customer intimacy is one of the key trends that we have noticed in the recent past. Banks are keen to employ advanced analytics to identify their most profitable customers and explore ways to retain them. At the same time, banks want to reach out to other customers to make them profitable," he said.
With data sitting in different systems, it was important for different systems to talk to one another for a bank to know its customers better. The other key challenge for banks comes in the form of compliance issues that range from Basel-II and Sarbanes-Oxley Act to corporate governance practices and the Reserve Bank of India's prudential norms, Mr Pai said.