SANAT Rao is the Vice President and Head Finacle Sales and Marketing, Infosys Limited, a Mumbai, India based software solution firm. Rao recently came to Nigeria when he had an interview with reporters emphasised the role technology is playing in financial inclusion, software development among others. ADEYEMI ADEPETUN was there. Excerpts. HOW is your new solution advancing technology development in Nigeria, especially the Finacle 10 you recently launched'This is a more updated and advance version of the previous ones. We have brought in a lot of new technology and global best practices. It is also came with new functions. As there are changes in the banking industry, we also keeping term with those changes. We know that the Nigerian banking system is getting its balance back and we are positioning our solution to help in bringing confidence to the industry. Fundamentally, the Finacle 10 software has a variety of advancement, which are aimed to give the financial institutions a lots more flexibility, agility and reduce the cost of ownership and more so help them become more efficient. That is the thrust behind this launch.The responses we have had so far from the market have been very amazing.It was launched in 2010 and I think then, we have had variety of the versions, and presently we have the version 10, which is highly efficient to drive financial inclusion. Banks including Wema, First Bank, Stanbic IBTC and others are discussing with us to get this deployed for them.How is this new solution been entrenched in Nigeria'We have come to realise that today's banking are in dire need of advance technology to take their services to the customer, by so doing they are looking for technology that will drive this initiative and we at Infosys, we have provided this in the Finacle Solutions.The Financial Institutions have recognized that the system is changing, competition is on the increase, customer base is growing and it is only technology that can help in this regard. The encouraging thing is that the Financial Institutions response to this Version 10 has been excellent.We have got responses from other markets, but responses in Nigeria have been very wonderful. I think by 2012, 2013, more banks would migrate.From what you have just said now, it is obvious that the Nigerian market is very encouraging, so what makes the market thick'There are various reasons. It is pretty difficult to say the market was growing because of one issue. To start, with, I will like to say that to be successful in a market like this the local partnership is very useful. It has really helped us to expand our tentacles. The successful partnership we have had with Computer Warehouse Group for the past 10 years has really helped us.The other element, I think is rut philosophy of being a very credible partner, one who doesn't make wrong promises or aggressive promises to customers. I think financial institutions like this. They have realized that deploying new technology, putting in best of solutions are things that are critical to their expansion and growth.Also, I think for some years, we have done a lot of businesses here and we have been able to entrench ourselves into the mainstream of the country through trust and competences, especially by bringing solution to the financial sector to drive their businesses.The Nigerian market is highly saturated, what specific strategy are you going to take to drive the penetration of this new solution'Our strategy for market expansion is based on two initiatives. First, is to deepen the relationship with existing customers. I mean, it is our endeavour to constantly improve on what we have on ground, in terms of the offerings we are giving them. A relationship may further be entrenched through core banking, including deploying solutions for Internet banking, Mobile banking via technology and I will say obviously the relationship is deepening by our offering of more viable solutions to meet their needs.Secondly, is the drive to go to new customers. I think because with about 14 financial institutions already deploying this and with the fact that we have successfully worked with some of the large banks, the fact that in the eight to nine years, we have been able to create a good name for ourselves in the market, I know that tomorrow when a new bank is hoping for a change, they will look in our direction.However, it is not only about application, the penetration also matters a lot, the companies name and reputation also matters and due to our partnership with CWG, we have an edge in this market.Nigerian is moving towards a cashless economy, what role do you think Infosys can play to fast track this initiative'Like I mentioned earlier, we have solutions that can cater for such requirement, whether it is a mobile wallet, financial inclusions and others.I think the important thing to realize is that a country like this will never become totally cashless. There will be transactions that will require to be done in cash. But definitely, there would be also part of the public that would want to do it electronically.I think banks in Nigeria today are well positioned to do that. Technology would allow them to explore other areas that would be of immense benefit to them. I think technology will allow them to think, because they can't ignore customers who want to continue with cash and those who opted for their transaction electronically.Ours is to provide the technology, solution and that would see us contributing significantly to this cashless economy initiative.Nigeria is talking about software policy and in a draft has been made. A key issue in the draft is about training. As a global player, what support can you give in this area'I don't know about the policy because I don't have access to it. But I will say that in our partnership with CWG, there are two components to it. They help us through marketing and in client relationship, but they are also local implementation partner, which means that for our customers here, if they have any problem, they need not come to Infosys in India, they have local support here through our partner, CWG, because of that, we have invested a lot in terms of keeping our partners, clients fully abreast of latest happenings in the world of technology by providing the best of trainings for them.So, I think long before this policy came out, we have got our partner to ensure our activities go with the required laws of the land.When we entered Nigeria, we realised that is only fair that they have a local support centre and for that, it is investment we have made and our contribution to the growth of the industry.With your presence in the country going to some years now, what are the challenges you witnessed in the market'Challenges from the market point of view, I don't think we have any specific one. We have been in the market now for some 10 years, we have done a lot, we got a strong local partner.However, I will say some times in the past, during our early years, we had issues with network infrastructures, but today, all that have improved through the years, banks have invested in facilities, new technologies are fast coming up and investment in innovations are on the increase and the gap is shrinking daily in terms of giving customers the best of services.We have got a good understanding of the way banks works here, we have been able to meet the requirement of the banks, we have invested in having much people from our side, who have got good experience of this market and they have been able to deploy our solutions here.We have equally learnt about the best practice here and abide strictly by it and that compliments the local support we have with CWG. So, with the combination of all these, we have been able to register duly our presence here.The challenges are there, the expectations of banks are changing, competition on the increase, but that is not usual to the Nigerian market and the players, but in the midst of all these, we have been able to forge ahead.Nigeria is experiencing revolution in the mobile industry. Do you play any role here'We have a very good telecommunications mobile solution. We created it recently. We have solution for telecoms growth. We see mobile penetration in Africa exploding. I think some of the statistics revealed that there are more mobile devices than bank accounts in Nigeria. This revealed that as a society, people are more comfortable using the mobile phones. The banks are however very conscious of that and they have changed their mode of operation. I think now, a lot of the focus is towards mobile, Internet, which is a multi-pro approach. So banks are also getting themselves ready to play in that big market. I think in 2012, you will see some very good decisions been taken towards that area. So we believe in it and we have a solution already in the market and we see it working efficiently.Mobile penetration is going to take off in a very big way. It is even going to be higher than Internet banking and the fact that mobile technology is growing and changing rapidly makes it imperative to drive financial inclusion.Do you have software solutions for operators outside financial sector, especially for SMEs in Nigeria'We work with banks. However, we have got some non-banking financial institutions but outside that, we don't have any other business focus. Our concentration is on banking technology and solution.However, in 2012, 2013, you will find a lot of changes, progress on mobile particularly. It is happening in Nigeria, Africa and other parts of the world.Clearly, Nigeria can't be left behind, that is one area of change. Also, I see the banking also changing new developments in the technology upgrade.
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