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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Rahul AgarwalIn its latest Monetary Policy Committee (MPC) meeting on December 5, the Reserve Bank of India kept key rates unchanged at 5.15 per cent (lowest in nine years, after five straight cuts with a cumulative 135 bps reduction this calendar year, to boost the country’s sagging economy.RBI retained its 'accommodative' policy stance, which suggests that this is a pause rather than an end to the loosening cycle, and it still has room for a rate cut. Core inflation, which excludes energy and food items, slid beyond a seven-year low of 3.47 per cent, which clearly indicates that there is hardly any demand for non-food items in the market.Close Usually, a rate cut helps revive economic growth as it allows retail customers to avail cheaper loans and works like a big booster for the large industrial sector, who will be able to avail bulk loans at lower interest rates. related news Reliance forms a base, recommend delta appreciating based … [Read more...] about Are the RBI’s repo rate cuts enough to reinforce GDP growth?
New data from Jumio, the leading AI-powered trusted identity as a service provider, reveals that new account fraud increased 27.8 percent worldwide YTD in 2019, compared to full-year 2018 results, and more than 100 percent compared to 2014 levels.Surprisingly, attempted new account fraud was 19 percent less during the Black Friday/Cyber Monday weekend (compared to the average 2019 fraud levels), when fraud attempts normally escalate.In the third edition of Jumio’s Holiday New Account Fraud Report, fraud is defined as an attempt by an individual to create a new online account by manipulating a government-issued ID.Close The company compared global ID fraud patterns from millions of ID verification transactions between 2014 and 2019 across various industries, focusing on the period between Black Friday and Cyber Monday, including Thanksgiving and the Tuesday after Cyber Monday. Jumio also analyzed new account fraud levels across regions, countries, industries and time period. … [Read more...] about Global New Account Fraud Increased 28% in 2019: Report
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
Marcus Rashford has always had the tools to become a world-class forward. Now he has added a clinical touch to his searing pace and box of tricks. The 22-year-old already has 13 goals for United this season -- equalling his best-ever return for the club in a single campaign and is the undisputed leader of the team's attack.Just weeks ago Rashford was struggling for goals in Ole Gunnar Solskjaer's misfiring team, finding the net just once between the opening day of the season and the match against Liverpool on October 20.But then things clicked for the former United trainee and he has scored regularly for club and country, including three in his past two appearances, against Tottenham and defending champions Manchester City.Close His goals have lifted United to fifth in the table, five points behind fourth-placed Chelsea, after an unbeaten run of five Premier League games, with Everton to come at home on December 15. related news EPL: Breaking down the reasons behind … [Read more...] about EPL: Manchester United have fashioned a complete striker in Marcus Rashford