Tech Mahindra, Zurich-based Innoveo partner in digital

Indian IT services provider, Tech Mahindra, announced a partnership with leading Swiss technology software provider, Innoveo, to digitise the Banking, Financial Services & Insurance sector, benefiting customers and markets around the world.

March 16, 2020

Tech Mahindra and Innoveo will utilise no-code platforms to create custom applications for clients across BFSI sectors

The partnership will jointly help companies navigate market demands and update outdated critical legacy systems

The partnership will lead to further adoption of cybersecurity, AI, IoT, and Blockchain solutions in BFSI firms

In 2018-19, besides job creation, the IT-ITeS industry had contributed over 25 per cent of India’s total exports

Indian IT services provider, Tech Mahindra, announced a partnership with Swiss leading technology software provider, Innoveo, on March 16 to digitise the Banking, Financial Services & Insurance (BFSI) sectors, benefiting customers and markets around the world. The strategic partnership is designed to utilise no-code platforms in providing their collective set of clients with custom applications across BFSI sectors, according to an official statement. 

In support of navigating competitive market demands and the updation of outdated critical legacy systems, the two IT companies will develop innovative solutions and new business models that enable financial growth in the sector. In addition, it will further the adoption of next-gen technology in the BFSI sector with cybersecurity, artificial intelligence, Internet of Things, and Blockchain solutions. 

Emerging as one of the most reliable destinations for IT solutions, India leverages improvements in the innovation and capabilities of its many IT-ITeS companies to expand the market for Indian IT services globally. In 2018-19, over 25 per cent of India’s total exports was contributed by the IT-ITeS industry, which also played an important role in employment generation. 

Additionally, the Government’s target of recording annual IT revenue of US$350 billion by 2025 will contribute to building a US$5 trillion economy. To enable more global opportunities, the Government of India earlier approved the National Policy on Software Products 2019, establishing the nation as a software product hub. 

The Government has budgeted over US$215 million to implement programmes and schemes envisaged under the policy over a period of seven years. In line with Digital India, Startup India, Skill India, and Make in India initiatives, the policy will facilitate further R&D into emerging technologies. By setting up a software product industry, driven by intellectual property, India is set to achieve a 10-fold increase in its share of the Global Software product market by 2025, building on new enterprises and skills.