Zensar spots a Y2K-like opportunity in Basel II

Zensar spots a Y2K-like opportunity in Basel II

By SiliconIndia   |   Monday, 22 December 2003, 08:00 Hrs
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PUNE: The Basel II norms, which will come into force from ’06-07, offer a Y2K-like opportunity for software developers in the financial services sector, reports an Indian daily.

Zensar Technologies, the Rs 228.4 crore RPG group company, and a late entrant in the banking and financial services software development sector, sees this as an opportunity which is too good to pass up.

“We set up our banking financial services and insurance vertical about two years ago. Currently, this vertical contributes about 5% of our total revenues, whereas it is upto 30% for most Indian software companies. Also, one-third of all global information technology spends are by banks and insurance companies,” Mukul Agrawal, vice president and head, enterprise and financial systems, Zensar, said.

Hence, Zensar is creating the framework for Basel II compliance, Zen Map, to map the entire spectrum of compliance.

“This is an IT map, where we will lead with consultancy, adding IT elements required to fulfil the norms. We aim to convert business language into IT and put it into a knowledge management framework,” Mr Agrawal said.

For the overall BFI (banking, finance and insurance) vertical, Zensar will look at niche opportunities, which, at the pilot stage, will have to be of a minimum size of $100,000, Agrawal said.

(Source: Economic Times)

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