IDBI Bank’s infotech subsidiary said on Saturday that it is in the process of partnering with business analytics software and services firm SAS to offer data mining and business analytics solutions to the banking sector.
“We will soon offer data mining and analytics solutions for which we are in the process of tying up with SAS. This will soon be a huge market. Besides, the Reserve Bank has mandated banks to do data mining,” IDBI Intech Managing Director and Chief Executive, Mr Sanjay Sharma, said.
IDBI Intech is also looking at acquiring banking software companies. If an acquisition happens, the deal will be funded largely through internal accruals, he said. “We will raise money only if we have to.”
Besides, the firm has developed an automated data flow software product that will be launched by December, he said.
“This too is a product which has a market due to RBI regulations. We see a market of about Rs 200 crore for this product. Public sector banks have to be partially compliant with automated data flow regulations of RBI by June and fully compliant by December. So we see a huge potential here.”
IDBI Intech plans to launch a portal for education loan. It would act as an interface between students, banks and educational institutions, Mr Sharma said. “We’ll launch this portal shortly. We will get transaction fee from the bank once a loan is disbursed. Extending this further, the portal will also monitor repayments of educational loans.”
The IT firm has developed an anti money laundering solution which can incorporate any number of customisations.
“A couple of banks are already planning to deploy this product. Nobody else is making this product here. We see a $ 200 million market for this product from African countries like Kenya and Ghana,” Mr Sharma said.
NPA management software is yet another product for the banking sector developed by IDBI Intech, he added.