CFT in TOP 3 of major service providers for the banking sector

The journal on high technologies and experts of the Center for Economic Research “RIA Analitika” (RIA “Novosti”) published its rating of 20 Russia’s major IT companies in service provision to the banking sector at the end of 2011, where CFT appeared among the rating leaders. Last year the company income from IT project implementation at Russian banks made 6,515,706 thousand rubles.
In 2011 the total turnover from projects on service provision for the banking sector made 59.3 billion rubles. The TOP 3 companies hold over a half of the total scope of revenue from projects on service provision for the banking sector.
According to expert estimates, 2011 witnessed the growth trend in IT budgets that have increased by 16% in the average. Banks become more client-oriented, which forces them not only to actively use information technologies but also to install advanced software which enables quick decision making in client servicing.
Andrey Fomichev, Deputy Chairman of the Board of CFT GC, mentions the following trends in the bank automation market, “Decrease of operational costs stays an important task for banks. The best option for it is client self-service. In this connection, on the one hand banks continue active development of distance servicing and on the other hand they tend to make a client’s visit to the bank office maximally comfortable. This concerns introduction of electronic queue and “electronic teller” systems, installation of terminal stations, introduction of front office systems. The key requirement to front office systems is provision of automation of frontal business processes for all products offered to the client. Todays banks are financial supermarkets. A typical workstation in the bank front office is a unified window in which the teller can see all bank products available to the client. Therefore not only does client servicing speed increase but also individual offerings to the client or cross-sales become possible.”

Center for Economic Research “RIA-Analitika” was created by the Multimedia Information Agency of RIA “Novosti” in January 2011 in order to provide its readers and customers with the diversified professional assessments of the Russian economy and financial system. The core of the research center is a team of analysts previously employed at AK&M, a well-known rating agency. The center’s key task is to conduct economic research in various sectors of the economy, rate various market participants, and review the performance of different businesses, regions, and banks.