Middleware moves|~|cbq200.jpg|~|During the quarter ending September 2005, CBQ posted a net profit of US$153m|~|3i Infotech has confirmed its credentials as a software supplier to the Middle East financial services and banking sector with the announcement that it has entered a long-term agreement with the Commercial Bank of Qatar (CBQ) to implement an enterprise-wide middleware infrastructure.
The new solution, which is the first of its kind for 3i Infotech in the region, and marks a move away from its traditional ERP roots, allows CBQ to modernise its entire banking systems.
According to 3i Infotech, the single implementation project, taking part at the CBQ’s headquarters will result in a significant improvement in the bank’s ability to provide internet-based services for its existing customer base. The new middleware solution includes interactive voice response (IVR) services.
“3i Infotech has been working with CBQ for more than two years talking to them about their IT strategy,” says Hari Padmanabhan, executive director and president at the enterprise software vendor. “We went through the challenges presented by the pace of banking change with clients in India and that puts us in a good position to advise banks in the Middle East.”
A wide range of software technologies has paved the way for the deployment of the new solution at CBQ. 3i Infotech’s middleware offering — corporate internet banking and retail internet banking software — has formed the foundation of the solution based on a combination of languages and platforms including ASP.net, C#, Microsoft SQL Server and web services.
“We have helped CBQ move towards an IT-driven information system and also helped them build an information security infrastructure. That was the first phase and the second phase was to help them expand their internet presence and offering — first for corporate clients and then for consumer clients. As they moved towards an external offering, business continuity planning also took on more importance,” continues Padmanabhan.
CBQ was established in 1975 as the first private-sector bank in Qatar and is today the largest credit card point-of-sale terminal network provider of major credit cards (excluding AMEX) in the country. The changing face of the bank’s customer base and its long-term growth objectives played a pivotal role in its decision to accelerate its IT investment with 3i Infotech. During the quarter ending September 2005, CBQ posted a net profit of US$153m — more than doubling the figure achieved in the third quarter of 2004.
“The need to make these changes is driven by the change in the bank’s client profile and expectations, especially as they move into the retail banking segment. We handled the entire project working in a consultancy capacity as well as undertaking the software design and implementation,” explains Padmanabhan.
In the latest phase of 3i Infotech’s long-term engagement with CBQ, the vendor has provided an enterprise service business solution comprising components that facilitate message format conversation, process flow management and rule management. This enables product group back ends and channels to integrate and exchange information in a standard format.
According to 3i Infotech, CBQ was looking for an IT partner that understood the business problems the bank faced and could deliver a high quality, easy-to-use and scalable solution. Given its existing two-year relationship, CBQ’s decision to select 3i Infotech was a natural choice. The deal is yet another feather in 3i Infotech’s cap as it seeks to establish an even stronger presence in the financial services sector in the Middle East.
||**||Growth prospects|~|HARI_CorridorShot200.jpg|~|Hari Padmanabhan, executive director and president at 3i Infotech|~|“3i Infotech was a relatively late entrant in the Middle East banking sector compared to some other vendors,” admits Padmanabhan. “However, CBQ has become an important reference customer in the region for us and this will have a positive impact on our long-term business potential. We are extremely bullish about the prospects for 2006.”
Looking ahead to 2006, 3i Infotech is upbeat about the opportunities that exist for further growth. Outside of the financial services vertical, the vendor also works extensively in the e-government, manufacturing, retail and distribution arenas, supplying enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutiuons.
“It is difficult in this region to analyse how IT budgets will change in 2006 and what customers will be looking to spend on,” adds Padmanabhan. “We expect the enterprise clients that have not made a significant investment in their IT infrastructure during the last three to four years will be looking to invest during 2006. Financial markets in the region are moving to the next level of maturity and with the regulatory bodies taking on a more active role there is a pressing need for companies to make further IT investments.”
“Customers require robust and lasting solutions and are highly aware of what is available in the market. The price component is always important, as are the methodologies and references that a vendor has. I have seen a significant acceleration in the last four to five years in the Middle East in terms of customer education levels,” he continues.
Globally, 3i Infotech serves customers in 45 countries and now has a presence across four continents and is recognised as one of the fastest growing vendors in its field. The company is also rated among the top three ERP vendors in the Middle East and North Africa region, according to analyst house IDC.
“3i Infotech’s financial year ends in March and we are on course to do approximately US$100m in sales globally. Of this the Middle East and Eastern Europe contributes around 26% to 27% and sales in this particular region have more than doubled year-on-year,” says Padmanabhan. “The Middle East will provide a solid base for growth in 2006 but we are also very excited about opportunities in emerging regions such as the Commonwealth of Independent States (CIS),” he concludes.
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