Bangalore, June 29
INFOSYS Technologies and B-Source today announced a partnership to provide `pay-as-you-transact' services, known as Business Service Provisioning, to European banks in the private and asset management sectors. This model helps simplify management of IT infrastructure and back-office administration, enabling private banks to focus on customer service.
Mr Rajiv Pradhan, CEO B-Source, said to compete more effectively, private banks are outsourcing back office administration. Their product offers the predictability of a world-class infrastructure.
In its World Wealth Report 2004, Merrill Lynch estimates the overall high net-worth market at $ 28.8 trillion in 2003, growing to $ 40.7 trillion by 2008. This growth is particularly identified in Asia and North America, which is expected to account for 57 per cent of the market by 2008.
The product would enable private banks to expand operations outside European markets to deliver products and solutions in the global marketplace.