CEO: R Ravishankar PRODUCTS AND
The year 1997-98 for Citicorp Information Technologies India Ltd
(CITIL): A turnover of Rs 81.70 crore, over 50 percent
growth, a 51.6 percent increase in customer base-it went up from 60 banks, in 23
countries, to 91 banks, in 52 countries. The coveted SEI CMM Level 4 certification awarded
to the company-which has not only placed the company among the top 2 percent of companies
assessed worldwide but also made it the first banking and financial software company in
the world to achieve the certification. In short, a year of rapid growth and achievement.
While CITIL’s overall growth was at 50 percent, the
services business grew by 100 percent. With the company’s domain expertise in the banking
industry, it also got into delivering business and strategic consulting in banking. As
part of the push toward services, a ‘Center of Excellence’ for datawarehousing was set up
at Bangalore, with a strength of 75 professionals. The size of the team of consultants at
CITIL, who are specialists in technology and financial disciplines, shot up by 50 percent
to go up to 600. CITIL plans to add another 300 by the end of the current year. Known for
its stringent recruitment criteria, CITIL believes in acquiring and delivering quality
right from the start. Its philosophy in the services business is to avoid the low-cost
trap, as is the case with many Indian companies. In fact, this strategy has paid back the
company substantially in terms of better net profit on sales and revenue per person.
CITIL’s products business brings in around 65 percent of
the company’s revenue. The product portfolio comprises Finware, MicroBanker, MoneyMaker,
CAS, and FundsPower. And the latest banking product released by the company is Flexcube.
Flexcube, which was launched in December 1997 and has already been signed up by seven
international banks, creates new products with parametrized development.
In addition, the company has products like QuBase, a
repository of world-class software practices and methodologies, and PROMOTR, a project
management processing tool that works alongwith MS Project. CITIL’s integrated wholesale
banking system, MicroBanker, is ranked # 1 worldwide in wholesale banking and enjoys an
installed base of 91 banks.
The company has constituted an Internet solutions group of
30 people to look into the Internet-enabling of its products. The group will also handle
setting up of corporate intranet solutions and customized Internet solutions.
Strengthening global marketing, creating a global brand image is high on the agenda. Its
global expansion plans include having direct presence in Europe and Latin America and a
formal entity in the US. The company plans to achieve a target of Rs 125 crore by the turn
of the century.