Sunday, 11 June 2017

Cisco Says Jump In India Business Aftert Demonetisation, Opens 1st Digital Centre

Cisco opens digital experience center for banking, insurance and financial services in Mumbai after seeing a leap in business after demonetization

Cisco has nine innovation centers worldwide in places like San Jose, London, Tokyo and Berlin. Photo: Bloomberg

US network hardware maker Cisco said Friday it is experiencing a jump in demand from Indian banks since the demonetization move, allowing it to open its first digital experience center in Mumbai.

"Overall we see a significant increase in requirements ... coming in from them, especially since November of last year. That's where we've also seen growth," Cisco India president Dinesh Malkani told reporters.

He said digital solutions are "top of mind" even for state lenders, who are looking for solutions in a variety of ways. The company has nine innovation centers worldwide in places such as San Jose, London, Tokyo and Berlin, but this is a first worldwide where it has launched a center dedicated to the digital experience aimed at the banking, insurance and financial services sectors.

A spokesman for the company said the center located within a company office in the business district of the Bandra Kurla complex extends over 400 square feet.

Company officials declined to give the exact details of the investment in the center, but said that this is part of a $ 100 million commitment made as part of the previously announced Country Digitization Acceleration (CDA) program.

Malkani said that Indian banks before had to travel to their innovation centers, mainly to the US, to understand the technologies, and added the presence of financial companies in the BKC will help. Apart from looking for available solutions, customers will be able to co-create solutions together with the Cisco staff.

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