Data Biz Times
No Result
View All Result
Sunday, June 1, 2025
  • Login
  • Home
  • Tech
  • Start up
  • Economy
  • Markets
  • Real Estate
  • Opinion
  • Others
  • Privacy Policy
  • Advertise
Subscribe
Data Biz times
  • Home
  • Tech
  • Start up
  • Economy
  • Markets
  • Real Estate
  • Opinion
  • Others
  • Privacy Policy
  • Advertise
No Result
View All Result
DataBizTimes
No Result
View All Result
Home Tech

Why Bandhan Group acquired Genisys? Will it set a new trend for Indian banks!

by databiztimes.com
10 November 2024
0
Why Bandhan Group acquired Genisys? Will it set a new trend for Indian banks!
Share on FacebookShare on Twitter

Debasis Mohapatra

Bengaluru, 10 November 2024

Financial services companies are increasingly adopting technology-powered solutions to stay ahead in the market place. More offerings in the BFSI (banking, financial services & insurance) sector are tech-enabled to reduce cost and improve profitability. Digital banking is the norm of the day and all financial institutions including banks, mutual funds, insurance companies are adopting tech solutions to attract new age customers. That is the reason that multi-billion dollar IT contracts are outsourced by financial institutions like JPMorgan Chase, Bank of America, Wells Fargo, State Bank of India, ICICI Bank, & HDFC Bank among others to IT services companies like Accenture, IBM, TCS, Infosys, HCLTech, Wipro, LTIMindtree, Mphasis and many others.

However, most of these financial institutions have stayed away from acquiring IT services or BPM (Business Process Management) companies all together. Rather, they have partnered with these companies for technology services or have managed the core technology operations through insourcing. But Bandhan Group– the promoter entity of Bandhan Bank- has recently acquired IT/BPM firm- Genisys. This has formally enabled them to enter into IT services space.

Let’s delve deep into the reasons for such an acquisition and evaluate whether this trend will be followed by other financial institutions of India in the future.

What are the reasons behind Bandhan Group’s acquisition of Genisys?

  • Acquisition of Genisys now enables Bandhan Groupto enter into IT services space globally. Genisys Group consists of three companies- Genisys Information Systems India (Genisys India), based in Bengaluru, Genisys Software, USA (Genisys USA) and Genisys Software, UK (Genisys UK). The company has a BPM delivery centre in Bengaluru. It has four business segments- software services, BPM, Digital Media Operations & Professional Services. Its customers include ESPN, Symantec, IBM, HP, Dow Jones, Oracle, RBS, and Lombard among others. With such specialised offering for the BFSI vertical and marquee client list, Bandhan Group can now serve global clients in the BFSI, healthcare, hitech, and media & digital marketing verticals. This creates another revenue stream for Bandhan Group.
  • Genisys with its expertise in AI-enabled services will enhance Bandhan’s capabilities. At a time when all banks are betting big on AI-enabled services for improving productivity, Bandhan Bank can definitely provide better offerings to customers.
  • With Bandhan Group as its promoter, Genisys can expand faster and explore new opportunities in the coming quarters.
  • Bandhan Group has been aggressively diversifying addition of several new segments. Acquisition of Genisys Group will further strengthen its offerings across the financial services spectrum.

Will other Indian banks follow suit?

Bandhan Group has set a new trend in the Indian financial services industry by acquiring Genisys. This has enabled it direct entry into the IT services/BPM space. It has to be seen whether other Indian banks follow suit. So far, most Indian banks have partnered with technology firms to provide tech-enabled solutions apart from maintenance of their IT infrastructure. Some have even created a good technology talent base inhouse for maintaining their core technology operations. While acquisition of an IT/BPM firm is one thing, understanding the business model and managing it within the group’s umbrella is another. Therefore, Bandhan Group’s future performance with regard to Genisys will create a new path for Indian financial services institutions for the future.

Popular Stories

  • Top IT CEOs salary rise in FY24 despite slowdown blues

    Data Story: Operating margins of top Indian IT firms in FY25

    0 shares
    Share 0 Tweet 0
  • Data Story: Paradip Port Traffic Report for 31 May

    0 shares
    Share 0 Tweet 0
  • Prof PR Mukund on his new book ‘Numbers & Symbols in Vedic Thought’ with Data Biz Times

    0 shares
    Share 0 Tweet 0
  • Data Story: Is Sonata Software a growth story?

    0 shares
    Share 0 Tweet 0
  • TCS CEO earns over Rs 26 crore as employee salaries see healthy hike

    0 shares
    Share 0 Tweet 0

Recent News

Databricks opens new Costa Rica office, creating hundreds of jobs

Databricks opens new Costa Rica office, creating hundreds of jobs

India is the sixth-largest exporter of textiles and apparels: Economic Survey

Data Story: Paradip Port Traffic Report for 31 May

Global Report: Military sources deny loss of Rafale Jets in recent operation

Global Report: Military sources deny loss of Rafale Jets in recent operation

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    

Categories

  • Artificial Intelligence
  • Authored Article
  • Automotive
  • Blog
  • Book Reviews
  • Business
  • Careers
  • Cryptocurrency
  • Data Story
  • Economy
  • Entertainment
  • Gadget
  • Markets
  • Media Release
  • Movie Review
  • Oil and Gas Industry
  • Opinion
  • Others
  • Politics
  • Real Estate
  • Sports
  • Start Up
  • Startup
  • Tech
  • Technology
  • Travel
  • Watches
  • world
  • world

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links

Data biz times © 2024. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Tech
  • Start Up
  • Economy
  • Markets
  • Real Estate
  • Opinion
  • Others
  • Privacy Policy
  • Advertise

Data biz times © 2024. All rights reserved.