With banking and financial verticals registering a 3.7 per cent growth on a quarterly basis,the country's largest IT services firm, Tata Consultancy Services,today said technology was driving the sector forward.
According to a top company official, the growth in the Banking, Financial Services and Insurance sector (BFSI) sector would be sustainable in the medium term.
"The BFSI sector was not growing as fast as it was. On a quaterly basis, BFSI vertical growth is 3.7 per cent and 4.1 per cent on a yearly basis. The sector has moved from compliance to growth focus," TCS Head, Banking, Financial Services and Insurance, K Krithivasan, said here.
Talking to reporters, he said the growth drivers for the verticals was from technology, which helps in suggesting appropriate products for banks.
"Our clients have been investing in workforce and workplace transformation. We are seeing them launch some large programmes in payments, AI (artificial intelligence), conversational systems and cyber security", he said.
TCS has been the primary partner for banks across geographies, he said.
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TCS had invested in Business 4.0, which is helping customers leverage new technologies like cloud, analytics, automation, Artificial Intelligence and Internet of Things, he said.
The company's Chief Marketing Officer Ravi Vishwanathan said TCS has been investing in digital technology as every business was looking at it.
He said the BFSI sector contributes 40 per cent of the group's revenue.
"Overall, we had a great quarter with some phenomenal numbers. The star of the show was the growth in the BFSI sector", he said.
The company has made investments in setting up digital laboratories at its Siruseri campus near Chennai across all verticals, including banking and retail, he added.