CMS Info Systems wins key banking mandate; eyes to nearly double revenue contribution from AI-led e-surveillance
CMS Info Systems has secured a groundbreaking mandate to transform bank branch surveillance for a major Mumbai-headquartered public sector bank, covering nearly 2,000 customer touchpoints, a top official said.
The company will deploy predictive learning-led e-surveillance and AIoT automation solutions on private cloud infrastructure, implementing the project as a ‘Build & Operate’ model for branches, offices, and consumer touchpoints, Rajiv Kaul, Executive Vice Chairman and CEO of CMS Info Systems, told businessline.
He however declined to name the public sector bank or the size of the deal, which is seen as first-of-its-kind in the Remote Monitoring Surveillance (RMS) industry.
The project, spanning 2,000 locations, will consolidate disparate tech stacks into a unified, 24X7 monitored system, bolstering security measures across the banking network for secured consumer experience. The project is expected to go live by the end of 2024, Kaul added.
A key feature of this mandate will include provisions to set up and run a 24×7 Centralized Command Centre within the bank’s premises in Bengaluru.
It will converge bank’s tech stack with new 10+ AI & ML modules and Robotic Process Automation for video analytics, he said.
RMS business
Launched in 2021, the RMS business has clocked ₹ 100 crore annual revenue in 2023-24 in a span of two years. “Revenue contribution of RMS business has grown from 0 percent to 5 per cent in three years. Our aim is to grow it to 7-8 per cent in next three years,” Kaul said.
CMS Info Systems sees ample opportunities to grow RMS business as public sector banks in India are taking the lead in e-surveillance due to the large presence on ground.
In 2025-26, requests for proposals (RFPs) for advanced RMS upgrade covering 8,000-10,000 banking sites are expected, according to CMS Info Systems.
Kaul noted that CMS has invested about ₹ 150 crore in the RMS business over last three years. “Our investments in developing AIoT RMS solution is yielding strong results,” Kaul said.
For its RMS business, CMS Info Systems wants to diversify into sectors beyond banking with an opportunity to grow the entire business at CAGR of 30 percent in next four years, he added.
AI surveillance
Indian banks are taking the lead in adopting advanced technologies, although a substantial portion of their infrastructure remains uncovered by AI-enabled surveillance systems.
“Currently, 80 percent of bank branches and 60 percent of ATMs lack AI-powered surveillance, presenting a lucrative opportunity for unified service providers, such as us,” Kaul said.
Business service platform such as CMS are poised to capitalize on their first-mover advantage, offering integrated platforms for electronic surveillance.
In the recent June 2024 quarter, CMS Info Systems recorded revenues of ₹ 599 crore, up 17 percent on a year-on-year basis. The Managed Services & Technology Solutions segment, which includes AIoT-led RMS business, clocked revenue of ₹ 239 crore, up 31 percent on year-on-year basis.