Considered as a cash cow for India’s IT services companies for long, the banking and financial sector is gradually being weaned off the outsourcing model. The companies are now opting to build and maintain software in-house.With emerging technologies, such as blockchain, which are touted to play a pivotal role in the financial sector, bankers are keen to keep their cards close to their chest and cut reliance on third parties for technology. India still continues to be the preferred destination for technology hubs though. Many foreign banks have set up global in-house centres (GIC) in cities such as Mumbai, Bengaluru, and Chennai.The banking domain has been key to the fortunes of Indian IT companies, but the share of the finance vertical in their earnings has been on a downward spiral in the past couple of years.Close The share of revenue derived from the banking sector by Tata Consultancy Services (TCS), the largest IT company in the country, declined by 2.3 percentage … [Read more...] about Indian IT companies take a hit as foreign banks switch to in-house tech solutions
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Nearly all (97 percent) commercial banks are using artificial intelligence (AI), according to new research from Genpact, a global professional services firm focused on delivering digital transformation; however, most financial institutions are not implementing the technology effectively for competitive advantage.More than half of the survey respondents (51 percent) are using AI simply for point solutions and individual tasks, with 27 percent testing in pilots, and only 19 percent leveraging it across the bank holistically.With pressures mounting from fintechs and other non-bank disruptors, these AI trials raise concerns about how effectively commercial banks can use the technology to improve customer experience (CX) and better compete.Close Genpact’s study, Commercial Banking: The Customer Service Imperative, surveyed 500 senior commercial banking executives on the industry’s changing landscape. related news VoPay & Hydrogen to offer clients seamless access … [Read more...] about Commercial Banks Struggle to Use AI for Competitive Impact
Are we finally creating a kinder, gentler workplace? We’ve certainly seen a number of positive signs over the past decade. A greater emphasis on culture, for instance, has set the stage for higher job satisfaction. advertisement advertisement The biggest trends we’ve seen in the workplace have come about due to changes in the economic environment, says Michelle Armer, chief people officer at CareerBuilder. “In the years immediately following the recession until now, where we’ve seen steadily low unemployment, companies began to recruit and think about their employees in a different way, putting more of an emphasis on the workplace experience than before,” she says. Here are six that have us feeling hopeful for the next decade: 1. More opportunities for flexible work Technology has allowed employees to ditch the 9-to-5 format in exchange for flexible arrangements, both in hours and location. “Companies are demonstrating that they understand … [Read more...] about These are the workplace trends that give us hope
Bharat Bond ETF, the initiative of the Department of Investment and Public Asset Management (DIPAM) of the government, was launched on December 12.The government had announced plans for debt ETFs in Budget 2019. The ETF has a duration of 3 years maturing in 2023 with a yield return of 6.69 percent and another duration of 7 years maturing in 2030 with a yield return of 7.58 percent. Both will be listed on NSE and BSE.Stressing on the appeal factor of 3-year and 7-year duration, Deepak Jasani Head Retail Research, HDFC Securities said, "Returns of this 3-year variant could be compared to Banking and PSU debt funds that have an average maturity of 2-4 years and a similar portfolio holding. Longer duration variant (10-years) would naturally bear high duration risk and can be considered by informed investors who want to take high duration bets."Close This ETF is managed by Edelweiss Mutual Fund. So the fund is called Edelweiss BHARAT Bond ETF, and the fund will invest in the bonds … [Read more...] about Mutual funds wrap: Bharat Bond ETF NFO open until December 20; Will retail investors bite?
Indian equity benchmarks logged strong gains on December 13 buoyed by positive global sentiment as hopes of an orderly Brexit grew stronger after a landslide election victory for British Prime Minister Boris Johnson.The Sensex settled 428 points or 1.05 percent, higher at 41,009.71 while the Nifty closed the day with a gain of 115 points or 0.96 percent, at 12,086.70.Close Mid-caps and Small-caps, too, witnessed decent gains but underperformed the benchmark Sensex. BSE Mid-cap closed 0.92 percent up and the Small-cap index settled 0.82 percent up. For the week, both Sensex and Nifty climbed 1.4 percent. related news ITDC jumps 9% on merger with Kumarakruppa Frontier Nifty Bank marches toward record high on likely resolution of 4 NPA cases in December BGR Energy share price locked in 20% upper circuit on Rs 4,442-cr order win Among sectoral indices this week, the Nifty PSU Bank surged 4.5 percent, while the Nifty Metal and the Nifty Auto were up over 3 percent each. The Nifty … [Read more...] about Movers & Shakers: Top 10 stocks which gained or lost the most this week