Indian IT Can Count on US Banks’ Tech Spend Plans | In the News

Indian IT services providers including Tata Consultancy Services, Infosys and Wipro may benefit as global banks such as JP Morgan, Bank of America and Citigroup are set to increase technology spends in the year ahead, analysts said, even as they face a short-term blip in discretionary spending due to the Covid-19 virus outbreak.

Early investments in digital capabilities were aiding customers of the global banks in remote banking, they said, as social distancing becomes the new norm. Technology investments to drive cost cuts will present new opportunities to Indian IT companies in the coming year, said Peter Bendor-Samuel, CEO of US-based IT advisory and research firm Everest Group. “There are some potential integral signs that there may be an increased need for savings coming out of the crisis and this could drive some interesting growth for the Indian firms,” Bendor-Samuel said.

Read more in Economic Times

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