By David Ingham
The financial software provider establishes an office in Dubai Internet City, as it seeks to sign up more regional banks as customers.
I-flex solutions, the India-based financial software and IT services provider, has set up a DIC office in a bid to help it win further business in the Middle East. I-flex, which boasts Citigroup as a customer and major shareholder, has already been serving the Middle East for around four years, but believes that there is lots of scope to build on an already healthy customer list.“The growth potential for our products and solutions in the Middle East market is immense, as banks in the region are becoming more competitive and focused on customer service,” said N.R.K Raman, the company’s senior vice president for global sales. “With our existing customer base, coupled with local presence and strong partnerships, we are very strongly placed to capitalise on this opportunity.”Far from slowing down on IT investment, regional banks, he said, are keen to use technology to help them manage risk, provide cross channel integration and identify ‘upselling’ opportunities.The DIC office will support the sales and marketing efforts of regional partners such as Emitac in the UAE and KCC in Kuwait. It will eventually include a technology support centre, the company says. I-flex expects to invest around half a million dollars in the office and regional marketing activities this year.The company’s primary offering is FLEXCUBE, which covers both corporate and retail banking and supports multiple delivery channels. A key selling point of the product, i-flex says, is that it can interface with virtually any other installed software or data format. The product also supports the Arabic language and Islamic banking.I-flex’s other major offering is PrimeSourcing, its customised application software development services. A recent addition to the lineup is Reveleus, a business intelligence solution.Customers already signed up in the region by i-flex include Emirates Bank, Mashreqbank, Abu Dhabi Commercial Bank and newly-opened Dubai Bank. Investcorp in Bahrain has recently decided to implement the Reveleus business intelligence package.