International core banking solutions provider, Financial Network Services (FNS), has boosted revenues by 40% year-on-year for its world-leading "BANCS" solution.
SYDNEY, AUSTRALIA (PRWEB) JULY, 2003 – Financial Network Services Pty Ltd (‘FNS), an acknowledged global leader in providing integrated end-to-end solutions for financial services institutions, announced it has posted a 40% increase in revenues for the year ended June 30.
FNS Managing Director, Tony Ward, said the company had achieved unaudited revenues of AUD$48 million – up from AUD$35 million in 2002. The result was very encouraging in what could be described as a difficult period marked by a continuing malaise in IT spending and major international shocks.
FNS operates an international office in Dubai and its BANCS® software is used at seven sites in the region, including Gulf Bank Kuwait; Bank of Kuwait and Middle East; Qatar Grindlays Bank; National Commercial Bank, Saudi Arabia; National Bank of Dubai and Amlak Finance, Dubai, and Egyptian Commercial Bank through the Egyptian Cybercentre.
Mr Ward said the increase in the companys revenues followed many years of substantial research and development spending on the companys flagship ‘BANCS® core banking software.
We are very pleased that the considerable R&D spends over the previous years are now paying off, resulting in a profit result for the current year and putting us in a very strong financial position moving forward."
While continuing to invest in R&D, Mr Ward said other gains would come from increased utilisation of offshore product development facilities and services and a greater reliance on key business alliances to enhance the companys product development process and delivery of professional services.
He also pointed to a change in business strategy centring on lowering the total cost of ownership through greatly reduced implementation costs and more rapid deployment of their BANCS solution.
We have redesigned our offering and implementation methodology to enable us to deploy the new streamlined version of our banking solution in less than six months, which is a fraction of the time taken by our key competitors. We have also slashed the implementation time and associated costs of large projects which makes our solution almost unbeatable in terms of implementation risk and total cost of ownership."
As a result of these improvements, Mr Ward forecasts a higher percentage of future revenue will be earned from license fees, reflecting increased sales of the new banking solution and the net reduction in implementation fees.
In addition to its established base of larger international customers, FNS was also looking to target smaller financial institutions with its latest server-based banking solution developed in collaboration with Intel, IBM and Microsoft. Recently completed benchmark testing of the new solution has shown equivalent performance levels to those typical of much larger and costlier systems, with the benefit of significant savings in initial hardware and software costs and ongoing IT overheads.
About FNS
Financial Network Services Pty Ltd (FNS) is a global leader in providing flexible and modular solutions for the financial services industry. The company has more than 100 corporate clients in over 35 countries, including some of the worlds leading financial services organisations.
Through its flagship BANCS® banking solutions, FNS has won a reputation for increasing productivity, profits and flexibility while responding rapidly to market demands for new financial products.
The company has been recognised within the industry for its innovation and contribution to IT developments. In 1996, FNS was awarded Australian Exporter of the Year and has continued to develop into a leading global banking solutions provider, building on the banking and finance backgrounds of its key management and its demonstrated world class expertise in e-commerce and information technology.
FNS is one of a limited number of companies worldwide to hold a Business Application Partnership agreement with IBM and is a Microsoft Certified partner. It is also a key alliance partner with Hewlett Packard, Intel, Oracle and Sun Microsystems in various countries around the world.
FNS is a private company with 10 international offices and some 320 employees around the world. Headquartered in Sydney, Australia, the company is majority owned by its founders and staff, with a minority interest currently held by Australias largest investment bank, Macquarie Bank, through its subsidiary, Macquarie Direct Investments Limited.
FNS has a network of international offices Dubai, Hong Kong, Jakarta, Johannesburg, Kuala Lumpur, London, Manila, Santiago and Seoul and also operates through its strategic business partners and leading locally based systems integrators in many other countries.
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