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What has been the major growth driver for the company?
Cheque Truncation System (CTS) or the image-based cheque clearing system has
been our the major growth driver for the company. Central banks of many
countries like India, UAE, and Saudi Arabia have made CTS mandatory, which in
turn has worked in our favor as most banks have opted for our solutions.
How different is Newgens CTS from the traditional system?
We have developed the CTS on a BPM platform, and have added all
functionalities that make it flexible. Thus, the user has an advantage of making
any changes as per his business requirements. Further, the same technology can
be made use of in many other operations like retail banking, trade finance, and
credit card as against traditional system which can be used only for cheque
truncation. Thus, private sector and progressive banks have found our solution
interesting as they also want to use the solution for various purposes. In
addition to complying with the RBI mandate, they wanted to apply this solution
to others that would in turn increase their RoI.
How favorable is the Indian market when it comes to adopting new
technologies?
The entry of MNCs has given impetus to the Indian market growth as they get
newer technologies. MNCs are ready to adopt software solutions that will help
them grow faster and also open branches in less time. Basically, their idea is
to have branches that focus only on sales and marketing with less manpower.
On one hand, bigger market size is attracting these MNCs to set
shop in India, and on the other competition has made it imperative to adopt
solutions that will give them a competitive edge.
What is the status of upgradation from Basel I to Basel II by
banks?
Even though RBI has fixed a deadline for banks to upgrade from Basel I to
Basel II, it is not very strict about it. Thus, it is taking time for banks to
adopt it. The adoption rate is not that impressive as not many banks have opted
for compliance solutions. On our part, we are going to the banks and trying to
convince them to upgrade for compliance solutions.
Has the Sinosoft partnership reaped any benefits? What about
your partnership with HP?
Unfortunately, the partnership with Sinosoft has disappointed us. We entered
into the agreement with a lot of expectations, but they havent done their
sales and marketing actively as yet and are still getting trained.
HP has been a good partner for us for many years.
Chethana Gadiyar
chethanag@cybermedia.co.in Page(s) 1
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