India always demands unique solutions

Recently, HCL Infosystems partnered with Nautilus Hyosung to offer ATMs
for Indian banking sector. Was it the right time for such a move?

HCL brings a complete portfolio of banking products and services to the Indian
market space. Beyond the core IT products, we have products such as core
banking, core insurance and treasury, cash management, data warehousing, etc.
And one solution that was missing in our portfolio offerings to Indian market
space was the self-service ATM products.

So from that perspective, this partnership announcement is extremely
important for us. If you look at India, we have an installed base of roughly
twenty-six ATMs for 1 mn people vis-a-vis something as high as fifty-six in
China and 1,900 plus in Korea. So, in India the ATM market is set to grow and
thats the opportunity we see.

George Paul, executive vice president, marketing, HCL

Does the Indian banking sector, particularly rural banking, has room for
financial technologies and devices?

There are a couple of things that are are in favor of the Indian economy.
Firstly, its an insulated economy, implying that about 80-85% of it is local
and not dependent on exports. Secondly, our banking system is regulatory and we
do not have open currency like other countries. Thirdly, the Indian economy is
in a phase of growth. So, all these put together have been fortunate for India.

Theres a great emphasis from some governments in bringing about development
in rural parts of India, which comprise about 70% of the countrys population. A
part of the development is improving banking services that include initiatives
such as national rural employment guarantee scheme, financial inclusion,
computerization of co-operative banking sectors, etc. So we believe, and are
also certain, that there will be a demand of financial technologies in the

Do you agree that the development of rural India requires unique
technologies and solutions as per the local market demands and conditions?

Yes, I think India always demands unique solutions. Things that work in global
context will not work for India. Theres a need for bilingual software. Also,
there is a need for products that can work in rural conditions, where
connectivity, power and air-conditioning requirements are not the same as the
metros or urban areas.

So you have to bring out unique ways by which they can avail self-service
banking, using ATMs and that also throws the opportunity for HCL and Hyosung to
develop products catering to these unique requirements of customers in rural

Pankaj Maru/CMN

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