IT services outfit, LogicaCMG, has appointed Michael Wolfe as its first managing director of financial services. He previously spent two years in business development at Kaz.
Wolfe said he planned to grow the financial services sector from three to about 40 per cent of LogicaCMG's total revenues.
"The plan is to create the same percentage of our revenues that we have done internationally," he said. "Locally, utilities are our biggest sector, which is unusual because most of our intellectual property and where we have a name [globally] is predominantly in the banking sector. It is a huge area that we haven't really exploited on a local level."
Wolfe will focus on developing three key areas: payments, compliance and legislation, and back office efficiency.
"We also are working more in the document content management space. Most financial institutions are mandated to keep some of their records. This is where we can introduce niche solutions such as consulting," he said. "What I am trying to do is to get in where there are fewer players because it makes us slightly ahead of the curb."
Wolfe said he would also consider business process outsourcing and total invoice management opportunities.
"We are looking at introducing and leveraging solutions to the local market that have been winners overseas," he said. "We really want to reach out to the tier two markets that are crying out for shared services but they really can't afford the model the big guys have."