How are BFSI enterprises leveraging EIIR providers? (Deals/Contracts/ Partnerships)
TCS is engaged by a leading financial institution, to leverage the ecosystem of partners to setup an API Management solution and an API marketplace using TCS Melting Pot solution, which will allow charging for services through an economy-based consumption and gamified subscription model. TCS is also collaborating to develop and implement a Digital Playbook, a roadmap for a Unified Experience platform by leveraging Design Thinking.
Wipro bags a seven year $300 million contract for AI services from ICICI Bank. Wipro also acquires Vara United, an IT service provider to ICICI Bank with $30 million revenue and 3800 people for about $45 million.
How are BFSI enterprises organizing their EIIR activities? (GICs/ R&D Best Practices/Solutions)
Paytm has expanded its operations in Canada by opening a R&D centre in Montréal. The company expects its new research centre to leverage Montréal’s expertise in big data, artificial intelligence and machine leaning for creating new products.
JPMC shuts is Chase Pay app. This is third digital project being shut by JPMC. In last few months – Chase Pay App, Digital bank Finn and small loan platform OnDeck are closed. A pragmatic decision ignoring sunk cost but raises a larger question about digital journey of large banks?
Xinja, Australian neo bank, spends $1.8 million on SAP core. Big banks spend upward of $1 billion on the same. How democratization of technology with cloud is helping startups to compete with giants.
ICICI Bank deploys industrial ‘Robotic Arms’ to digitise operations at its currency chests. The Bank is the first commercial bank in the country and among few globally to customise and deploy industrial robots to automate and perform repetitive high volume steps in handling cash processing on high-end note sorting machines. These robotic arms now help sort over six million notes every working day and 1.8 billion annually. The robotic arms use a combination of sensors to check over 70 parameters within seconds
Revolut, a fintech based in London with 6 million customers, is expanding its customer operation center in Portugal from current 70 people to 400 people. Portugal is important country for Revolut with 250 K customers and adding 1000 customers daily. Here local market is determining GIC location.
How are BFSI EIIR providers developing their solutions and capabilities?
PwC has added cryptocurrency auditing to its list of services as the firm expands into an asset class that is steadily adopting the accoutrements of traditional finance. Teams across PwC spent the past year designing tools that could match the private keys and public addresses assigned to crypto asset accounts,
Temenos acquires Kony, a digital banking SaaS company for $559 million.
Tech Mahindra and Adjoint collaborate on Blockchain solution for BFSI sector
ThoughtWorks ramps up investment in India with new Mumbai office focused on BFSI sector
BFSI industry news
Capital One says that about 140,000 Social Security numbers and 80,000 linked bank accounts were compromised “in one of the biggest-ever data breaches,” affecting some 100 million individuals in the U.S. and 6 million in Canada.
Citigroup plans to cut hundreds of jobs across its global markets division, The cuts could hit the U.S. banking giant’s fixed-income and stock-trading operations over the course of 2019, as trading revenue slides across the industry.
Deutsche Bank announced that it would cut 18,000 jobs in a major retreat from investment banking,
The Indian government’s decision to merge 10 Indian public sector banks (PSBs) to create four bigger entities is likely to create a huge outsourcing opportunity for both Indian and global players in information technology (IT) services in the coming quarters. Including consultancy companies, around Rs 5,000 crore of business could be generated, it is thought
BFSI resources: consultant/ analyst updates
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