The Hindu Business Line : Saksoft’s tool for banks

Thrust on products: The Founder and Managing Director, Saksoft group, Mr Aditya Krishna (right), and the Executive Director, Operations and Technology, Mr N.K. Subramaniyam, at a press conference in Chennai on Wednesday. —

Our Bureau

Chennai, Sep. 23 Saksoft Ltd, a Chennai-based software company, expects its newly launched business intelligence solution, Veri-sens, to contribute 10-12 per cent of its revenue in the next three years.

It hopes to double its turnover to Rs 240 crore in three years, according to its Managing Director, Mr Aditya Krishna.

The ready-to-use Veri-sens is not a core banking solution (CBS), but complements the CBS.

While the CBS is mainly used for transactions, Veri-sens uses data collated from the CBS to analyse various business trends and helps banks manage their customers’ portfolio.

A bank official in Chennai can assess the performance of all the branches in the country and abroad through a single-screen view.

For instance, the software can identify the profitable customers and focus on them. The solution is packaged into three modules providing ready-to-go portfolio performance reports and dashboards for credit cards, retail assets such as personal loans, auto loans and mortgages and retail liabilities, he told newspersons.

Clients overseas

Saksoft had sold Veri-sens to a large credit union in California for around $800,000. A bank in the US is using the solution in the credit card business and the deal is worth around $2 million, he said.

Mr N. K. Subramaniyam, Executive Director, Operations, Saksoft, said depending on the type of module and the number of installations, the cost of Veri-sens would range between $200,000 and $1 million. It can be implemented in three months. The company plans three more products for mutual funds, small and medium enterprises and the insurance sector before March 2010, he said.

At present, products contribute nearly 40 per cent of Saksoft’s revenue and software services to clients such as ABN-Amro, Citi Group and HDFC the balance. However, over the next three years, products will contribute 60 per cent of the revenues, he said.

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Saksoft’s tool for banks