NCB, FirstCaribbean among first subscribers
Technology provider Fujitsu aims to earn US$15 million (J$1.3 b) in five years from offering services throughout the Caribbean to digitalise information into a central database, expected to cut loan processing and time lost to government red tape by close to half.
Fujitsu Caribbean said it already has three clients utilising the service in the region, including National Commercial Bank Jamaica, regional bank CIBC FirstCaribbean Inter-national and a Trinidad-based bank yet to be named due to ongoing negotiations.
Fujitsu partnered with India-based software company Newgen Software to offer the back-end service, which it described as a "set of tools" and a "handyman".
"We see this business as a multimillion-dollar business for us," said Mervyn Eyre, president and CEO of Fujitsu Caribbean (Jamaica) at the launch at The Jamaica Pegasus hotel in Kingston on Tuesday. "We expect to earn US$15 million over the next five years from this ... we see this as huge and important for our growth, especially over the next two years."
lack of efficiency
Eyre said the software can improve loan processing by up to "40 per cent" for banks and remained equally expectant about its public-sector possibilities.
"A lot of the information is paper-based and repeated; also, the information follows along the process in a very disintegrated (way) and is kept in separate places. Being able to drive efficiency is restricted," he said.
The company will initially target government revenue-collection agencies to utilise its services. The cost of the service depends on client size and its effect on return on equity.
"We are launching a set of tools built using technology but delivered to you in the form of a service that allows you to radically change the way you do things, automate your processes," said Eyre.
Newgen, a 20-year-old company, partners with global banks, insurance firms, governments to offer IT solutions.
"We bring to the table our strengths in business-process management, enterprise-content management and customer-communications management for improving the client organisation's performance through process excellence," said Newgen CEO Diwakar Nigam of the partnership.
Fujitsu Caribbean is part of the Fujitsu Group, described as the world's third-largest IT services company that operates some 517 subsidiaries and affiliates globally. Fujitsu group has over US$50 billion in annual sales.