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Acceptance of ERP in BFSI sector?
Some verticals like Banks and Capital Market firms still develop software in house.
Why Banks and Capital Markets still reinvent the wheel, Given that major ERP vendors like SAP and Oracle already have applications for these market segments which are not only very powerful and complete, but also cheaper on the longer run.
Why Banks and Capital Markets still reinvent the wheel, Given that major ERP vendors like SAP and Oracle already have applications for these market segments which are not only very powerful and complete, but also cheaper on the longer run.
ASKER
Good answer Wasim
SAP and Oracle have provisioning of compiling with various statutory regulations and are safe as well.
Some large banks like Deutsche Bank and Commonwealth Bank of Australia already have SAP running as a Core Banking product. Buy still it's acceptance is not widespread especially in North America.
Do you see the BFSI sector appreciating the use of off-the-shelf ERP systems in future?
SAP and Oracle have provisioning of compiling with various statutory regulations and are safe as well.
Some large banks like Deutsche Bank and Commonwealth Bank of Australia already have SAP running as a Core Banking product. Buy still it's acceptance is not widespread especially in North America.
Do you see the BFSI sector appreciating the use of off-the-shelf ERP systems in future?
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ASKER
Great insight
Also for every change in project or program these banking companies spill out much more money than its required because of the complications and hell a lot of approvals ..
Banks also rely heavily on vendors as most of the tasks or functions. The Core Banking product is which can be a vendor product or a in-house product cannot be integrated with other applications for various security reasons.