Polaris Software offering cloud computing solutions to rural banks

Polaris Software Lab has started working on cloud computing solutions for rural and co-operative sector banks.

A vendor who had the ability to manage, build and provide end-to-end solutions alone would win in a highly competitive market environment, feels Arun Jain Polaris chairman.

He added that from a pure service company, Polaris had transformed into a company that could provide both services and products.
Jain was speaking at the 17th annual general meeting of the shareholders in Chennai yesterday.

''The company succeeded because it could build the second engine of growth even as the first engine of growth was being subjected to the margin-compressive competitive forces,'' he said.

He said the recent deal with Andhra Pradesh State Co-operative Bank Ltd to implement core banking solutions in its 22 district central co-operative banks across the state constituted the first step in the direction.

In justification of the move towards cloud computing solutions, Jain pointed out how the emerging banks were now demanding that the IT services providers also offer turnkey infrastructure solutions.