Banking Software Mismatch
Inability of vendors to develop software that matches business needs and the difficulty in enforcing service level agreements (SLAs) remain major concern for banks in India, according to a new study by PricewaterhouseCoopers and the CII. More than 50 per cent of the 265 banks surveyed had software that did not meet their needs, the report titled ‘Technology readiness of Indian banks’ says. India’s public sector banks incurred an expenditure of Rs 10,676 crore (about $ 2.5 billion) on computerisation and development of communication networks between September 1999 and March 2006, according to the latest RBI report. It also mentions that more than 95 per cent branches of public sector banks at end-March 2006 were fully or partially computerised. Read more.