India’s I-Flex solutions has told Reuters that it expects growth over the next five to six years to be prompted by its flourishing offshoring activities and by increasing demand from banks for technology to help them meet capital adequacy rules.
The internet banking software vendor said in an interview that it has seen a dramatic increase in its employee numbers, which have resulted from an increased demand for its offshoring activities.
The recent deal the company secured with Citigroup, for the provision of its Reveleus solution, was cited as a significant win and an example of the kind of signing I-Flex is looking to make in the future.
I-Flex chief Rajesh Hukku told Reuters, We believe that if this catches on and if we are able to deliver well, then Basel II is like a mini Y2K. There are still a large number of banks who have to start thinking about it, so for the next five to six years it’s a huge growth market.
According to Reuters, Mr Hukku also expects banks adoption of anti-money laundering and compliance norms to compel further demand.