TCS, Infosys bet on tech spend of US, European banks

Look at US, European banks' new tech plans to drive growth, after years of emphasis on other aims

Tata Consultancy Services (TCS) and Infosys are betting on new investments in information technology (IT) by US and European banks and financial institutions (FIs) to revive growth.

The IT majors say these entities' focus in recent years was to invest in technology for regulatory compliance. With the global changes in banking, traditional lenders and FIs would look at delivering technology-led banking, that would see new applications and delivery mechanisms. Indian IT expects a share of the pie.

“The sector was spending money on regulatory compliance, cost takeouts and shrinking the institutions for the past five-six years. They're now ready to