According to Aaditya Jain, Vice President-BFSI tech services practice at Everest Group, “High-interest rates and margin pressures have pushed BFSI firms to focus on portfolio profitability and drive drastic rationalization efforts – vendor rationalization, workforce rationalization, product rationalization, IT application and infrastructure estate rationalization, etc.”
Therefore, BFSI firms are likely to take a cautious approach to technology spending, resulting in another quarter of softness in demand, but the structural demand outlook remains strong.
