IDBI Bank's infotech subsidiary on Saturday said it is in the process of partnering with business analytics software and services firm SAS to offer data mining and business analytics solutions to the banking sector.
"We will soon offer data mining and analytics solutions for which we are in the process of tying up with SAS. This will soon be a huge market. Besides, the Reserve Bank has mandated banks to do data mining," IDBI Intech MD and CEO Sanjay Sharma said.
IDBI Intech is also looking at acquiring banking software companies. If an acquisition happens, the deal will be funded largely through internal accruals, he said. "We will raise money only if we have to."
Besides, the firm has developed an automated data flow software product that will be launched by December, he said.
"This too is a product which has a market due to RBI regulations. We see a market of Rs 200 crore for this product. Public sector banks have to be partially compliant with automated data flow regulations of the RBI by June and fully compliant by December. So, we see a huge potential here." The company also plans to launch a portal for education loan. It would act as an interface between students, banks and educational institutions, Sharma added.