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 Infosystems

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

sector.

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

India.

Pankaj Maru/CMN



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