GlobalLogic announced the acquisition of London based ECS Group to further its European presence, expand financial services footprint and add cloud offerings to its portfolio. ECS delivers cloud based digital solutions, while keeping focus on data analytics and customer experience. Founded in 2008 and having 650 people, ECS will continue to operate independently, as a wholly-owned subsidiary of GlobalLogic. The financials of the deal were not disclosed.
Tech Mahindra had entered into a strategic partnership with RAG International, a Swiss technology group with a focus on aerospace, for IT infrastructure and digital transformation. The Pune based firm will accelerate the consumerisation of digital services, provide RUAG with a digital platform for employees by using next-gen service. The programme will also include digital service management, cloud transformation, services automation, compliance and control.
Fiat Chrysler Automobiles is setting up an IT centre in Hyderabad. A formal announcement will be made for the centre, having 200 seating capacity, by end of this month. The new centre will be the tech backbone of FCA’s digital transformation. FCA already has a 1500 strong engineering team in Chennai and Pune. The Group operates over 100 manufacturing facilities, 40 R&D centres and owns bands like Chrysler, Fiat Professional, Jeep, Maserati.
The demand for cloud-based software as a Service and digital apps witnessed a north swing, as the pandemic push has all-time increased the demand for digitisation. SaaS companies and digital apps, according to data by Tracxn, raised around $2.10 bn in funding between Jan- Oct, compared to $1.70 bn in 2019. Top funds were raised by Postman ($150 mn), Freshworks ($250 mn), High Radius ($125 mn), Pine Labs ($85 mn), Khatabook ($60 mn).
The digitalisation of the global economy will drive $6.8 tril of IT spending from 2020 to 23, said IDC. The firm predicted that 65% of global GDP will be digitalised by 2022. By Dec 2021, 80% of the firms will plan to shift to cloud-centric infra and apps 2X faster as before the pandemic. Digitalisation will enable quick responses to the business needs while creating a strong foundation enabling the business to scale faster and with greater operational flexibility, it said.
Infosys’s digital growth has been quite strong and it grew 25.4% YoY last quarter. The share of digital in Infosys’s business is 47.3% and is expected to cross over 50% soon. Infosys, in April, 2018, has laid out a digital roadmap for three years and since then it has managed to achieve faster growth on the back of its digital business. “This is because firms are spending on cloud, data, cyber security, or simply how people interact with technology” said Salil Parekh, CEO & MD, Infosys.
ICICI Bank introduced a cardless cash withdrawal system using which, customers can withdraw cash from the bank’s ATMs without using their debit cards. ICICI Bank says that customers can now use the iMobile app to withdraw cash in a simple and safe mode. The service is now available across 15K ICICI Bank ATMs across the country. The new withdrawal system is faster and also eliminates the risk of card skimming as it does not require card or ATM pin.
The firm focusses on 3 layers – information, intelligence, empathy. Information: They have made a central data repository by implementing data lake, data warehouses, aiming to draw a 360-degree view of key stakeholders. Intelligence: They are building entire AI, ML platform to throw predictive/prescriptive analysis. Empathy: Here they aim to give a personality or human touch to algorithms for better customer communication, improving customer experience.
Urban India has specifically leapfrogged the credit-card stage to the digital retail payment – with a whopping 94% already relying on digital payments since March. Digital payments in few tier II, III cities have grown 250% faster as compared to urban areas. Cities, those with populations < 1 mn, in India, are expected to witness sharp-growth of digital payments in the near future and are capable of constituting about one-third of total consumer spending by 2025.