Pakistan's Leading Education Website & Teacher's Provider
Learn English langauge
For students, kids as well as professionals
Home | Forum | Teacher | Student | Institution | Jobs | Admission guide | Tests | Study abroad | Notices | classified | Study partner
Find Pak classmates
Pakistani classmatesDirectory since 1947. Find Now >>

India Service Providers turn to software market

Talen crunch in financial market makes software sales more appealing

Banks have looked to India for low-cost IT and business services for years. But the competition for talent and subsequent rising salaries are diminishing benefits to banks and Indian services providers. That's causing both to modify their strategies.

Tata Consulting Services, for one, is getting deeper into the software business. Last week, it formed TCS Financial Solutions, its first products division, to sell core banking, CRM, wealth management, and other software applications to financial companies.

Tata acquired Financial Network Services, maker of a popular banking app called Bancs, in 2005 for $26 million. Last November, it acquired a majority stake in TKS-Teknosoft, maker of the Quartz wholesale banking apps, for $80 million. Strong reception of these products, and for software it has developed in-house for banking customers, prompted Tata to create a business focused on software sales, says Financial Solutions VP Terence Donnelley. Financial software sales grew 66% in Tata's last fiscal year, to $170 million.

That's just a fraction of the $1.8 billion Tata grossed from financial services, and it plans to tack on customization and integration services as part of the software sale. Unlike its services business, though, the software unit isn't built around cost arbitrage. "Our products aren't sharply discounted, and they don't need to be," boasts Donnelley. Tata's financial software will be sold under the brand name TCS Bancs.

Read full article at InformationWeek
Post your Comments about this News
Your name
Your Email
City &Country(i.e. Karachi, Pakistan)
Type your Comments here:
Tech News:Updated: February 2008
arrow Who cut Muslim World Internet Cables?
arrow Caution, big brother is watching
arrow Malicious programs hit new high
arrow Cleaner desktop fever hassles
arrow IMAP goes Gmail!
arrow Future laptops could run more than one OS
arrow '.asia' launched as Internet domain
arrow When the net is watching you
arrow Violence and video games
arrow Net terror sites 'easy to access'
arrow Is stealing wireless wrong?
arrow Mobile malware significant threat
arrow Can Linux Overtake Windows in OS War?
arrow How Microsoft puts your data at risk
arrow Web Users Reading More Than E-Mailing
arrow New Security Holes for PC Users
arrow Protecting Your Kids online
arrow Why do humans walk on two legs?
arrow Domain Names: New Real Estate

More Web & Tech News>>

Join our "Yahoo Group" for News alerts, Jobs & lots more
Feedback |  Contact |  Site contents copyright 2000 to 2013 Interface, Pakistan's Leading Education Website & Teacher's Provider