Banks in North America lead the way in technology investment in the retail banking sector worldwide. According to the data of financial advisory firm Celent, in the year 2022, the IT budget of these banks was US$82 billion, while the world budget was US$250 billion. Indian IT companies benefited greatly from the banks’ spending on tech budgets.
According to Peter Bendor-Samuel, CEO of Everest Group, TCS, Infosys, Wipro, and Mindtree have exposure to regional banks in North America through their banking verticals, and the banking crisis will impact their BFSI growth in the short term.
