With the world grappling with economic downturns and imbalances, the financial software services industry has to find new and innovative ways to make their mark and in order to grow it is pertinent to infiltrate to emerging markets.

The World Bank says , “Although many banks such as American Express, Citibank and JPMorgan Chase conduct business in multiple countries, they are relatively regional in the United States. Companies that have a more aggressive growth strategy, they spread to emerging markets such as Africa and Asia where there are unparalleled opportunities for profit and increased market share.”

The financial software and service firms must alter their business strategies to suit the new dynamics and intricacies of today’s market. Immediate access to information and integration along product lines and geography are a must for future success.

According to the Economist with 3.5 billion people with cell phones and an expected 10-20% year over year growth, personal and business banking transactions are conducted more through cell phones Thus, E-banking software and services capability is becoming an increasing requirement in order to compete in the marketplace.

Another phenomenon which is taking place with the increase of mobile phone usage in emerging markets is mobile money. This is a safe, low cost initiative for the financial sector and is an easier way to transfer money to family and friends without ever going to a physical bank or payment center.

Mobile banking software, which enables a customer to make direct payment to anyone using his mobile almost in the manner he sends an SMS. With the scampering growth in technology, banks are trying to make life easier for their customers. There is great demand for analytics banking software which can help end customers make an investment decision based on the analysis done by these software using data available online.

Posted on Oct 28, 2014

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