Tata Consultancy Services (TCS), Infosys and HCLTech recently inked contracts within the banking, financial services and insurance (BFSI) sector, which has faced challenges in recent quarters. Analysts say these deals as positive indicators, signaling a gradual revival in the vertical, despite them not being large-scale deals.
Infosys and Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC) group and one of the fast-growing banks in the Philippines, on Wednesday announced the bank’s decision to select Infosys Finacle Suite for its core banking transformation. Finacle’s componentised core banking solution will allow the bank to replace the existing legacy core systems in a risk-mitigated manner to digitally transform its business.
Last week, TCS signed a strategic partnership with Australian stock exchange operator, ASX along with Accenture to overhaul the bourse’s trading, clearing, and settlement system. The estimated cost for the first release (clearing) of the project is between $105 and $125 million, to be incurred over multiple years. With this partnership, ASX will replace its ageing clearing house electronic subregister system (CHESS).
HCLTech, the third largest Indian IT service firm and Roadzen, an AI-driven auto insurance technology company, has also signed a partnership to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers.
HCLTech said in a statement that this partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviours and improve loss ratios.
Apart from these three BFSI deals, Infosys also in this quarter signed a new strategic collaboration agreement (SCA) with Amazon Web Services Inc (AWS) for three years. Both companies will deliver technology transformation and industry-specific solutions to financial organisations supported by joint investments into go-to-market and delivery capabilities across the EMEA region.
Infosys also recently opened a new proximity centre in Sofia, Bulgaria that will provide an ideal environment for companies spanning various sectors such as financial services and retail, both within Bulgaria and throughout Europe, to convene and drive digital transformation efforts.