Recent trends in the BSFI sectors indicate that technology is the backbone of the key drivers behind diversification and growth of Indian Scheduled Commercial Banks. Innovative products like virtual debit cards and services like branchless and mobile banking require a mammoth IT infrastructure. Other facilities like single point account access and internet accessibility are also reasons why the BSFI sector has seen a nearly 20 percent growth in aggregate deposits to $1,141 billion in 2010-11 as compared to $948 billion in 2009-10. Moreover, we are seeing more BFSI companies investing in Core Banking Solutions, where Business Enabling Solutions, Peripheral Applications and Security Compliance are the key driver for increased IT adoption.

Our editorial staff at SiliconIndia interacts with quite a number of CIO's of BFSI sector. A major challenge of CIOs is to identify and select the right solutions for their needs. One of the pleasant surprises is the presence of more than 200 India based companies providing technology solutions for BFSI sector. These solutions from home grown companies compete very well with solutions provided by world renowned MNCs. Prompted by several requests from senior decision makers in BFSI industry, CIO's and even some of the vendors providing solutions, we present this first ever compiling of Top 20 technology solutions for BFSI industry.

Our goal was identify and select solutions which users find most innovating available in Indian market. We took nominations and feedback from solutions providers, current customers from BFSI industry, potential customers looking for these kind of solutions, industry experts and analysts. Our editorial staff narrow down more than 100 nominations received to present 20 with help of advising committee consisting of several CIO's and industry experts based in India and U.S. Along with list of Top 20 technology solutions, we also present company profiles and detailed info about few selected solutions.

Our efforts will be worthwhile if potential customers in BFSI industry find this list helpful to them to narrow down their choices. We will like to make it an annual ranking. We welcome your feedback and look forward to getting nominations for 2013 rankings by Jan 2013.

Keeping this in mind, Top 20 BFSI Solutions Provider is being published. Our team spent the last six months to announce this award. We had received over 2000 nominations from service providers across India. A distinguished panel comprising accomplished Indian CEOs & CIOs of public companies, VC's, analysts, founders of established VC funded companies including siliconindia editorial board decided on the award.

Christo Jacob
Managing Editor