According to Skoch Consultancy, banks and financial institutions in India purchased packaged software worth $263 million in 2006, which is expected to go up to $305 million this year.
The adoption of packaged software in the financial sector in India is likely to touch $500 million by 2010.
The upswing in Linux adoption is another major trend in the financial sector. According to Sameer Kochhar, CEO of Skoch, “Linux adoption in this sector has started to show an upswing and has made major inroads in areas like insurance and total branch automation. Four out of the top five public sector insurance companies are already on Linux.”
“Linux and Linux based applications are emerging as a preference for micro-finance and non-banking financial companies in instances like Grameen Bank in Bangladesh, a similar trend may catch on in India,” he added.
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