Accenture, in a report, said that boardrooms of banks lack tech expertise and digital knowledge despite the rise in digitalisation over the past few years. The report, based on the analysis of the professional experience of 2,000 directors of 100 of the world’s largest banks by assets, revealed that only 10% of all board directors and 10% of the CEOs of banks have professional tech experience. Accenture recommends that 25% of banks’ board directors should have tech experience.
Anindya Basu has been appointed as the National Managing Partner at KPMG in India. He will head the Advisory Services, Clients and Markets functions for the firm. Basu has over 30 years of experience and has worked in various fields like Consulting, Technology, Digital and Managed services. He was the Senior Managing Director and Country Head for Accenture in India for five years.
Accenture is spending over $1bn every year on reskilling and training employees for professional development said CEO Julie Sweet. She also added that they were teaming up with US consumer electronics retailer Best Buy, which is creating over 1,000 new tech jobs, to make sure that about 30% of them are diverse. Accenture has increased training hours by 6%, reduced training cost by 11% to $866 mn. It has trained over 70k people in skills required by clients.
Accenture will acquire Imaginea to use its cloud, product engineering skills and expertise in advance AI, robotics, edge computing, 5G. The acquisition will add 1,350 highly professional cloud-native engineers skilled across multiple platforms from AWS, Azure and Google Cloud Platform to Accenture. Accenture has 70,000 cloud professionals and will invest USD 3 bn for the next 3 years. Imaginea has 200 global clients. Financial terms of the acquisition were not disclosed.
TCS secures the third rank as the world’s most-valued IT services brand. “TCS is rapidly closing the gap with IBM following a healthy 11% brand value increase to $15 bn” the report stated. Accenture retains the first position with a brand value of $26 bn and IBM holds second place with a brand value of $16.1 bn. TCS, Infosys, HCL Technologies, and Wipro are the four Indian brands among the Top-10 global IT services companies.
TCS overtook Accenture to become the world’s largest IT firm by market cap and also India’s most valuable company, replacing Reliance Industries after 11 months. TCS’ share price fell 0.40% Rs 3,290 apiece — on the BSE on Monday, imparting TCS a market cap of $169.2 bn, or Rs 12.34 lakh cr. Accenture, at present, is valued at $168.4 bn, or Rs 12.27 lakh cr, on the NYSE. Reliance’s market cap is currently at $168.5 bn, or Rs 12.29 tri.
Last year, Vijaya Bank and Dena Bank merges with Bank of Baroda creating third-largest PSB. Accenture bagged the contract to complete the IT integration of all Vijaya and Dena Bank customers to BoB. It has complete the former’s with 21 mn customers from across 1,900+ branches and over 12000 ATMs. The migration happened remotely due to the ongoing pandemic. With this integration, consumers can opt to stay with the current instruments or move to BoB.
Tata Consultancy Services (TCS) on Thursday became the most-valuable IT services company globally as it surpassed rival Accenture in terms of market capitalization. TCS valued at Rs 10.6T whereas Accenture valued at Rs 10.52 T followed by IBM at Rs 8.67T. Analysts said that the key aspect that improved TCS’ performance compared to the last quarter was a sharp bounce back in key growth verticals like BFSI, Retail & CPG and Lifesciences.