With the Indian banking and insurance sector on expansion mode, triggering the need for quality control, the company hopes to increase its business in India, in the near future. The company is betting big on a few trends in the Indian financial market to spur its India story.
Mobile banking
"Extending banking services to the unbanked lot, especially through mobile banking, promises a lot of potential. Core banking and payment systems expanding and private players getting into insurance also hold promise. There is lot of opportunity in mortgage and treasury systems for testing services. We could also tap into mid-cap product companies coming out with innovative financial products," Mr A. V. Asvini Kumar, Managing Director, Thinksoft, said.
While foreign banks are more willing to spend, Indian banks are still price-sensitive and testing services are not yet captured in their IT budgets well. Barely 1 per cent of IT budget goes into testing.
"Till some years ago, Indian banks were reluctant to spend on testing infrastructure. They assumed the company which provided the software would have tested it thoroughly. But that's not the case often and banks are increasingly realising the need for avoiding cost of repair which a defective rollout can result in," he said.
However, even simple defects can prove costly. It could frustrate the consumer and even cause the company to lose a valuable client.
Defects
For instance, the software used by a leading bank did not have the provision for 'March 31' in its loan processing system, as it accounted for only 30 days in a month.
An online insurance form wrongly calculated the age of a customer to be 58 years, when he was just 26 years old.Thinksoft hopes to deliver solutions via the cloud to increase its reach and bag more clients.It is also keen to mine the area of security testing, which goes beyond simple password protection and authentication.
