With new design centre for banks, Polaris to speed up apps development

Our Bureau Chennai | Updated on March 12, 2018

Arun Jain, Chairman and CEO, Polaris Financial TechnologyLtd, at the company’s design centre at Navalur, near Chennaion Wednesday. He is standing next to a moving kiosk that willsoon help bank customers. — Bijoy Ghosh

It used to take six to eight weeks to develop an application for banks. This can be reduced to a couple of weeks.

Polaris Financial Technology Ltd hopes to get a premium rate from its banking customers by reducing the time to develop software applications using its new design centre for financial institutions.

It used to take six to eight weeks to develop an application for banks. This can be reduced to a couple of weeks, said the company’s Chairman and CEO Arun Jai

n. “Since we help the banks reduce the time to roll out an application, we will get a premium rate for this,” he told newspersons at Design Centre 8012, which the company claims is the world’s first design centre for financial institutions. The was named after the coordinates of its location in Chennai at 80° longitude and 12° latitude.

Polaris has spent $10 million on the centre, which provides an ambience to bring the banking business and technology together to build various applications that could be for retail banking or corporate banking, he said.

In the past, Polaris’ officials used to go to a bank’s site and sit with their officials to develop an application depending up on their requirement. Today, the company is bringing its potential clients to the centre, which is located in its Navalur Centre on the outskirts of the city.

In fact, officials of two banks who recently visited the centre decided to build an application in the centre. Otherwise, they used to go through a competitive bidding process, said Jain.


Published on July 03, 2013

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