The Financial Inclusion Plan has provided a major growth opportunity to the companies that provide Information Technology solutions. Recently Wipro bagged several major deals with banks to provide them banking solutions; another IT bellwether Infosys is also very keen to tap business opportunities available in this sector.
The IT giant will use its banking product Finacle to provide IT solutions to the banks and to help them achieving their goal of Financial Inclusion.
Fiancle partners with the banks to provide them various advanced banking services and IT Support to achieve greater operational efficiency.
The Global head of Infosys Technologies Mr. Haragopal Mangipudi said “According to conservative estimates, around 145 million people in India have access to banks, so there is a huge untapped market out there.”
The main advantage of this service is that is does not require any special kind of hardware on the mobile platform, Finacle can be operated from the most basic hand sets available.
He also said “While the global figure of $2.3 trillion is based on an international study, nobody has done a similar study for India. However, if you look at a population of a billion in India, and if everybody wants to save at least Rs 100, you have at least Rs 10,000 crore that banks can tap.”
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