Financial institutions are data-driven businesses, and because of decades of investment in technology, banks process data using heterogeneous legacy environments. Modern AI and GenAI solutions promise to enable banks to manage and analyze data more effectively. However, adopting new AI solutions is lagging far behind the market hype. In this blog, I look at how TCS is helping clients[...]

  In July 2023, the U.K. Financial Conduct Authority (FCA) introduced Consumer Duty, a set of rules and guidelines to drive companies to deliver good outcomes for customers. By the end of July 2024, firms are required to ensure the application of Consumer Duty to closed products and services. ArvatoConnect shared its approach to enabling the adoption of Consumer Duty by its clients and[...]

  We recently spoke with Datamatics about its $17m acquisition of Dextara, which was announced on April 1st. Datamatics is a Mumbai-headquartered IT services and BPS provider with revenues of INR 1,550 Crore ($187m) for FY24, which ended March 31. It has three lines of business: Digital Technologies (IT services: 39% of revenues) Digital Operations (primarily F&A, plus i[...]

  In May, Alorica announced the appointment of Mike Clifton and Max Schwendner as Co-Chief Executive Officers. Prior, Mike was the company’s Chief Growth and Transformation Officer, and Max was President Business Services and Chief Financial Officer. I spoke with them earlier this month to discuss their vision for the company and its position in the evolving CX services market. [...]

  Wipro recently briefed NelsonHall on its GenAI investments for quality engineering, discussing the creation of use cases and sharing the thinking behind some of its decision-making. Wipro’s GenAI investments for QE are part of the company’s ai360 program, a $1bn investment that includes activities in developing use cases, training, and GTM. The launch of its QET GenAI [...]

  I recently attended the 2024 UKG Spring Analyst Day, the theme of which was helping organizations become a great place to work through human-centered technology. The event provided clear demonstrations of what the company has delivered as well as a preview of what’s to come. UKG also demonstrated an innovative approach to ensuring client value is at the heart of its product roa[...]

  Cognizant has a long history of continuous improvement and innovation. However, its grassroots delivery teams were reticent in taking minor innovations to clients, so it underperformed in idea and innovation generation and ran beneath the radar, with clients typically unaware of innovations being undertaken. However, in 2023, following the arrival of its new CEO, the company took [...]

  I recently attended the EY Global Analyst Summit 2024, the theme of which was Rethink! The conference sought to answer the question, “How is EY rethinking the value it delivers?” and this blog looks at how EY is rethinking its activities in support of the BFS industry sector. EY has been growing its business rapidly, with the most recent numbers showing 15% revenue gro[...]

  Recruitment process outsourcing provider Advanced RPO acquired Aspirant RPO, headquartered in Pittsburgh, PA, on May 1, 2024. Advanced RPO delivers full-cycle, project-based, custom, and high-volume RPO solutions to its clients across high-growth, mid-market, and enterprise sectors. The acquisition enriches Advanced RPO’s offering, specifically adding front-end talent acquis[...]

  Conduent has partnered with Microsoft to use Microsoft Azure OpenAI to underpin its GenAI innovation initiatives with clients. Its GenAI journey includes: Selecting use cases focused on improving quality, throughput, and cycle times Adoption of pilots in healthcare claims adjudication, fraud detection, and customer service enhancement Subsequently, moving to MVPs and ind[...]

  NTT DATA held its first EMEA Latin America (EMEAL) Analyst Day last week since the merger of NTT DATA and NTT Ltd. announced in June 2022. The event provided some perspective on the new structure of the firm, its capabilities, and its short-term priorities. The new NTT DATA Group is a much-enlarged firm with $31bn in revenues and around 150,000 employees. The group comprises two s[...]

  NelsonHall recently attended the DXC Connect Insurance Executive Forum in Charleston, South Carolina, where the theme was ‘Connecting the world’s largest insurance community to solve challenges and drive value’. DXC focused on: Its new product strategy to meet insurers’ transformation and investment needs The ability to combine its SaaS solutions with [...]

  Populii is Tech Mahindra’s enterprise gig marketplace for data collection, user studies, and microtasks. NelsonHall recently spoke with Populii executives about the platform’s current capabilities and growth plans in support of the exploding AI data training market. Human annotation and specialized microtasks Populii is a gig community platform offering data collect[...]

  NelsonHall recently talked with Eviden, Atos’ consulting and application services business, about its QE practice, Digital Assurance. Digital Assurance has 5k quality engineers, 65% offshore, reflecting a high leverage in North America (due to its Syntel heritage) counterbalanced by Atos’ large European public sector client base. The practice has aligned its service po[...]

  During the summer of 2023, we met with Mohammed Sijelmassi, Sopra Steria’s CTO and Digital Transformation Office head and discussed how Sopra Steria was deploying internally and helping clients externally with GenAI and LLMs. Earlier this month, we met with Mr. Sijelmassi again to assess Sopra Steria’s progress on its transformation, its work with clients, and use cases. [...]

  Financial institutions have complex portfolios of products presented to customers in a siloed, product-centric fashion, which makes shopping for financial products inefficient and reduces the overall customer experience. However, digital delivery promises to improve customers' shopping experience, CX, and CSAT.  Some firms in other industries have been doing this successf[...]

  In February 2024, ResultsCX made its third European acquisition since 2022, adding U.K. specialist BPS and CX services provider Huntswood. This move complements ResultsCX’s roadmap to gain a presence in European markets, diversify offshore delivery, and target the high-growth financial services sectors. I recently spoke with ResultsCX MD & CEO Rajesh Subramaniam about the d[...]

  NelsonHall recently attended the Infosys U.S. Analyst Day in Dallas, the theme of which was “Being AI First”. It demonstrated clear progress since last year’s conference in Infosys’ thinking and approach to the critical steps for effective implementation and operational deployment of AI. Key components of AI-led operational transformation Infosys and its[...]

  ADP's annual global payroll customer event took place in London recently, bringing together 224 decision-makers from some of the world's largest companies, representing ~20m employees. The event featured a global economic update, ADP's strategic vision, and product development updates. The event also included a "round the world" experience sharing insights into [...]

  Financial institutions are rapidly starting or growing existing wealth and asset management businesses. In the U.S., wealth assets under third-party management have grown over the last five years by 16.8% CAGR to 2023 (Source: Statista). Wealth advisors are looking to continue to invest in and grow their wealth management businesses because they see continued growth coming from: [...]