CFT among TOP 5 IT suppliers of banking software

CNews Analytics(CAN)[1] published its annual analytical review of IT in Banks and Insurance Companies in 2011. The document contains the survey of the Russian IT market for the banking sector in 2010 and the first half of 2011, and lists annual TOP 50 major IT suppliers of banking software.
 
Again, Center of Financial Technologies is among TOP 5 Major IT suppliers for the Banks in 2011 rating included in the survey. The CFT Group’s revenue from the projects implemented in finance sector in 2010 amounted to RUR 5,071,494,000 (CFT’s aggregate revenue totaled RUR 5,763,061,000, with the following structure by industry: 88% are financial institutions, while the public sector, commerce, transport account for 4% each).
 
According to the experts, banks were exploring post-recession market consistently in 2010. CNews Analytics commented that last year most of the respondent IT Directors (59%) emphasized an increase in IT budgets. Financial institutions retain their second place (24%). The shares of the companies that cut their IT expenses or did not submit the details were almost equal, making 10 and 7% accordingly.
 
CFT’s most challenging projects included integrated automation and development of a centralized IT infrastructure for multi-branch banks and automation of external markets transactions (stock-exchange sub-systems). Front-office solutions were in high demand again.
 
According to Andrei Visyashchev, the CFT Group’s Chairman of the Board, invited to participate in the development of the 2011 analytical review of IT in Banks as an expert says, ‘There has been a strong trend towards M&A recently. This is mostly due to the regulators’ efforts to increase the standard rate of minimum equity capital in banks. In particular, the strategy of Russian banking sector development till 2015 includes its growth from current RUR 90 million to RUR 180 million as soon as after January 1, 2012. And major banks continue to increase their assets both through market tools, as well as through consolidation of small market players. It means they need solutions to cover the entire structure, including all subsidiary banks and holdings. These players require a software platform to support continuous and centralized operations of hundreds of thousands users and service hundreds of millions customers online, which capacity can be increased manifold. This solution is Platform 2MCA. It provides applications that contain functions required to support all business processes in each bank.
 
 
Sergey Shuvalov, IT Manager and Vice-President of Moscow Bank for Reconstruction and Development (MBRD), was also one of the experts involved in the development of this review. In one of his interviews, Sergey Shuvalov spoke on MBRD’s short-term IT strategy and shared his vision of IT outsourcing in financial institutions and the projects which involve implementation of CFT’s banking software in MBRD.
 

[1]
CNews Analytics (CNA) became a separate business of RBC Group in 2002. Since then, the agency’s experts have implemented more than 100 analytical projects involving IT and telecommunications market surveys.