BENGALURU: With a growing trend towards insourcing, many BFSI focused global capability centres (GCCs) are chipping away at the dominance of Indian IT firms by building newer tech capabilities inhouse. Three days back, NYSE-listed financial services firm State Street has consolidated its operations in India acquiring 49% stake in State Street HCL Services, a JV between the global financial services firm and HCL UK, for $170 million.
Recently, UK-based financial services major Lloyds Banking Group opened its new technology centre in Hyderabad.It plans to grow its talent base to 600 technologists by this year-end. Last year, Australia’s largest bank the National Australia Bank (NAB) set up the NAB Innovation Centre India with nearly 1,000 employees hiring engineers, data scientists, credit assessment analysts and financial crime operations experts among other roles. During the same…
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