Wipro Technologies confirmed that it’s working on upcoming markets in Latin America, Africa, as well as Asia to expand its refined IT fields for banking services. Suresh Raman, the chief of Banking Sales for Japan, Asia, and Pacific told to press that Wipro would be working on these major regions over the next 3 years.
The finance service industry, particularly banking sector is in the middle of great upgrade of current IT systems to cope up with customer-driven online, future regulatory and mobile services. The Head and Vice President for Financial Services and Insurance Banking, Vijay Sharma was also present at the event, talking on banking technologies.
Quoting company figures, officials said that the world banks were expected to invest $150 billion on information technology-related system refreshments, revamps, and upgrades. One third of the investment is expected to be made by Asian banks in an effort to internationalize their services and operations worldwide, including West.
The executives predicted a net profit raise of 2 to 3 % on IT spending by banks, including those in developed and matured West markets. They said new standards and regulations, like Basel III Norms will add more sophistication in the financing field. If many banks invest, the cost or investment for system efficiency will be reduced in the longer term, considering the increased usage of mobile and Internet banking services