March 2012: Wide Awake in India*
I traveled to India recently to meet with a number of the country’s top software and services firms. I flew to Bangalore and managed to see Tata Consultancy Services, Wipro, Tavant Technologies, and MphasiS, among others. I am happy to report that all eight meetings during our 48-hour stay in Bangalore, India’s technology capital, were stimulating, although one trend cropped up during three separate meetings: Western banks are looking to reduce their fixed operating costs and by so doing provide their balance sheets with a much-needed shot in the arm for the purposes of Basel III, which US banks are not exempt from, thanks to the Federal Reserve’s December 2011 announcement that it would be implementing the bulk of the Basel III rules.
This is significant, given that I wasn’t “flying kites”—this trend was suggested by our hosts. They explained that European and US domiciled banks are looking to partner with Indian business process outsourcing (BPO) firms by outsourcing the running of entire departments, and, in some instances, are even looking to sell components of their proprietary technology to BPOs and then lease them back in order to add a bit of color to their anemic balance sheets. There was a time when Western firms looked to Indian BPOs primarily for their labor arbitrage offerings, but even though this is still an appealing option, it is very definitely not their only area of expertise.
One thing I will remember about this trip is the rude awakening I got with respect to jet-lag. I remember explaining to an Indian national sitting next to me on the flight from London to Bangalore that by virtue of my appalling track record in the jet-lag stakes, I had cunningly devised a foolproof strategy that I was confident would convert my somewhat stubborn body clock to local time by the following morning, and that I would be as fresh as a daisy, ready to take on all that India could throw at me. Part of my plan was to “crash” as soon as I got to the hotel, which turned out to be about 6 a.m. after a truncated night on the plane. If my companion was laughing at the naiveté and folly of my plan, he certainly didn’t show it, which was civil of him. As things turned out, I managed a grand total of 11 hours’ sleep in six nights, and, as I headed back across the frozen expanses of Northern Europe, resigned to yet another night of no sleep, something occurred to me while contemplating the dark shores of the Caspian Sea: Has anyone ever died from jet-lag?
*If anyone is wondering whether this headline is an intentional play on the 1985 U2 album Wide Awake in America, it is.
European and US domiciled banks are looking to partner with Indian business process outsourcing firms by outsourcing the running of entire departments, and, in some instances, are even looking to sell components of their proprietary technology to BPOs and then lease them back in order to add a bit of color to their anemic balance sheets.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: IPC extends Google Cloud partnership, BlackRock/AIA, DTCC and more
A summary of the latest financial technology news.
Waters Wavelength Podcast: Deutsche Bank’s Boon-Hiong Chan
Boon-Hiong Chan from Deutsche Bank joins the podcast to talk about blockchain interoperability.
SocGen pushes data, analytics use cases for SG Markets
The bank is letting a handful of clients experiment with its proprietary data and models to inform their research.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.
AI could cut time for money laundering checks by 99%
Leading crypto exchange rolling out large language model for enhanced due diligence checks.
Standard Chartered keeps faith with quantum experimentation
The bank is aiming to future-proof itself with the ability to adopt new technology at an early stage.
Waters Wrap: CME, Google and the pursuit of ultra-low-latency trading
CME Group and Google have announced Aurora, Illinois, as the location for the exchange’s new co-location facility. Anthony explains why this is more than just the next phase of the two companies’ originally announced project.
This Week: Genesis/Interop.io; S&P Global; Finos/OS-Climate and more
A summary of the latest financial technology news.