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BFSI GCCs eat into IT firms’ business
![IndiaTimes]()
Thursday, 7 December 2023
BFSI-focused GCCs in India are gaining ground in the insourcing trend, challenging Indian IT firms. State Street consolidates operations by acquiring 49% of State Street HCL Services. Lloyds Banking Group opens a technology center in Hyderabad. NAB establishes the NAB Innovation Centre India. Revolut invests in its India operations. TCS, Tech Mahindra, Mphasis, and Cognizant face insourcing pressure. Over 90 BFSI enterprises run 185 GCCs in India. GCCs contribute to cybersecurity, risk management, ESG reporting, sustainable financing, and regulatory compliance. GCCs drive office space demand in India.
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Thursday, 7 December 2023
