TCS sees growth in BFSI space due to increasing tech spend by banks

According to TCS, next generation customer experience, cloud and analytics & insights are areas are areas where the firm is witnessing higher spend from banking clients

Tata Consultancy Services (TCS), India’s largest IT services company, on Tuesday said that the firm is expecting the growth momentum in its Banking, Financial Services and Insurance (BFSI) verticalto continue following increase in tech spending by large global banks. 

After witnessing a sluggish growth for eight consecutive quarters, the BFSI vertical of the company posted a healthy growth of 3.7 per cent in the June quarter on a q-o-q basis. BFSI is the largest business vertical for the Mumbai-headquartered company, accounting for almost 40 per cent of its overall revenues.

"In the recent years, we found that BFSI was not growing