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Executives from 10 companies who are participants in our first-ever Workforce Innovation Board convened for a virtual roundtable on August 21.The group was asked to share which topics they're most focused on between AI, worker well-being, diversity, equity, and inclusion, and C-suite transformation.While worker well-being and AI were the most commonly cited trends, there's clear overlap and intersectionality across all four topics.Successful employees need training and support, equitable and fair access to opportunities, and reassurances about the integration of AI. C-suite leaders, facing internal and external scrutiny and pressures, need a productive and motivated workforce, and to organize in new ways to enable innovation.At the inflection point is the enormous job companies have to not only encourage AI adoption but also equip employees with what they need to take part in the transformation that is underway."There's a positive story to be told," said Jack Azagury, the group chief executive for consulting at Accenture. "Related to that is a massive amount of reskilling and training that's going to need to happen to make sure nobody's left behind on this journey."In this article, discover what each board member told us about their workplace priorities.The following has been edited for length and clarity.<h2>'We're trying to understand a more holistic view of worker well-being'</h2>Shane Koller, senior vice president and chief people officer, AncestryThe two topics we're most focused on are worker well-being and DEI.We transitioned to a hybrid-flexible work environment a couple of years back, and we've been trying to understand both the positives and the negatives from that shift. We've been a very culture-centric company in the past.Now having more people distributed throughout the world, there's a question coming up more often about whether or not people feel too disconnected from their colleagues, so we're trying to understand a more holistic view of worker well-being.The other is diversity, equity, and inclusion. We are looking to build products that bring more people in from across the globe. We believe our workforce needs to represent the diversity of the world in order to build great products.<h2>'The key to unlocking the potential of AI is to make sure that our employees are embracing it and are excited about the value'</h2>Lucrecia Borgonovo, chief talent and organizational-effectiveness officer, MastercardTop of mind is C-suite innovation, but it's more around organizational transformation.Earlier this year, Mastercard announced changes in our organizational structure in support of the new vision and strategic priorities that our CEO has laid out: How do we make sure that we're structuring to unlock the potential and growth of the organization?Related to that is AI. As part of this new organizational structure, we announced our chief AI and data officer, one individual who would help bring together a cohesive strategy and vision for the organization's AI.The key to unlocking the potential of AI is to make sure that our employees are embracing it and are excited about the value these new technologies can have on their well-being and the quality of their work.We're making a lot of different resources available for employees, whether they're on demand or self-paced, depending on where they are in their AI journey and the type of work that they do.<h2>'The intersection of AI and C-suite transformation is pervasive'</h2>Jack Azagury, group chief executive for consulting, AccentureIn terms of the work that I do with clients, the intersection of AI and C-suite transformation is pervasive. In over 400 client discussions in the last nine months, only three did not include the topic of AI.A lot of our clients have dozens of AI pilots everywhere. Very few have a coherent business case and a true reinvention and transformation.So at that intersection, how do you take a few areas of the company and look at them end to end with a business case that could include revenue uplift, or cost, or employee engagement — but a real business case and a real talent strategy. How do you retrain your employees and reskill? What new jobs do you need? What jobs will go away? What superpowers will employees get? And then having the right tech stack, the right data, the right responsible AI framework.So how do you have a holistic C-suite transformation powered by a move away from a lot of AI pilots that are just plugged into existing processes — which are interesting but not having a fundamental impact on the performance of the company?<h2>'C-suite transformation is harder and more interesting than ever'</h2>Alicia Pittman, global people-team chair, BCGI'm responsible for driving generative-AI usage across BCG. We want our people to be at that cutting edge in terms of responsible AI and understanding all the risks of it, to use it creatively, and to be able to live in our clients' shoes about what it takes to make this amazing technology have high impact.AI is driving better, higher-quality impact and insights for us, which is most important. It is driving areas of productivity. But the other thing that lights me up the most is that it's really improving what I would call joy.One of the quotes I love is from focus groups where someone said, "The thing I love about AI is that it saves me at the ugliest hours of the day." That time when you're sitting at a blank screen toward the end of the day and you don't know what to do, that's when AI really is a friend.C-suite transformation is harder and more interesting than ever. The markets are volatile. The half-life of market leadership keeps getting shorter and shorter. We have C-suite executives and the clients that we serve wrestling — needing to both save costs but also invest in AI and change the way they lead and manage their workforce.<h2>'AI is not about cost takeout. It's about the ability to do more and amplify the potential of our employees.'</h2>Anant Adya, executive vice president, service-offering head, and head of Americas delivery, InfosysDEI, and within that, gender diversity, is something that we are very passionate about.At the company level, we are at 39.3% women, but as you go up the value chain, the gender diversity actually drops. So we are deliberately trying to see what we can do to improve that percentage at senior levels.The second is, of course, AI. And the way we look at AI is it's not about cost takeout or cost savings, but it is about how we use AI and amplify the potential of our employees to do more.Most think that with AI, you can take cost out, you can save money. But AI, and especially generative AI, is not about cost takeout. It's about the ability to do more and amplify the potential of our employees.<h2>'Studies have shown that employees want managers who are engaged, who are coaches versus supervisors'</h2>Marjorie Powell, chief human-resource officer and senior vice president, AARPThe topics we've been focusing on are workplace well-being and artificial intelligence and emerging tech. We have to reach our 38 million members, and now with the use of this technology, we can meet them where they are and personalize their experience.In order for us to do this, we're allowing our staff to use AI within their jobs and to create innovative ways to amplify their work and meet their goals and objectives. We've always been very excited about adopting technologies, particularly as it pertains to making people's lives better as they age.I also spend a lot of time on worker well-being because of the new hybrid work environment, and this goes to our people-leader effectiveness. Studies have shown that employees want managers who are engaged, who are coaches versus supervisors.So we are transforming that leadership quotient for our people leaders within the company to be able to adjust to that and make sure that we have a very robust work environment, no matter where the person sits or where they work from.<h2>'We've had to move upstream from being focused on workplace to the very nature of work and the workforce itself'</h2>Neil Murray, CEO, Work Dynamics at JLLMy day job is working with the biggest corporations in the world and helping them with their workplace strategy, which obviously has changed quite dramatically over the last number of years.We've had to move upstream from being focused on workplace to the very nature of work and the workforce itself, hence worker well-being being at the center of what we do and our thinking. The second thing would be C-suite transformation. For me, that incorporates both AI and DEI.Sitting on the executive board of a global Fortune 200 business, the world has changed quite dramatically for us in how we organize ourselves in terms of operating model. The skills required have changed quite dramatically. The notion of empathetic leaders who deeply understand people but also have the skills to leverage platforms at scale, to deal with ongoing geopolitical tensions and macro challenges that seem to have become the norm in leadership.What doesn't serve us well is the notion of the rise of nationalism and protectionism — how do we deal with that? How do we find the balance between global vertical expertise with the local knowledge and execution required to operate in this world around us?<h2>'We have made significant commitments to responsible AI'</h2>Maggie Hulce, chief revenue officer, IndeedEvery three seconds, somebody gets a job on Indeed. We come at this with a focus on how we help our employees but also how we're helping the world of work.For AI, we're thinking a lot about how to improve how we work, fraud detection, next best action marketing copy, many things like that. We also have a commitment to help 30 million people facing bias get hired. And so we have made significant commitments to responsible AI and have published our responsible-AI principles.A big focus for us is worker well-being. We have a work-happiness score, which is the largest dataset in the world of what makes workers happy in their roles. It includes lots of different dimensions, like fair pay, flexibility, inclusion, learning, and how your manager works with you.We think a lot about how to use this dataset to help advocate for better work for people, given research that shows many people don't love their jobs and are not totally thriving at work. We also study it for ourselves, and there are things we're working on ourselves as an employer to make our workplace a place where people want to stay and grow their careers.<h2>'There's a constant discussion around not only whether AI is going to replace my role but also how to stay relevant'</h2>Kenon Chen, executive vice president of strategy and growth, Clear CapitalThere's been a lot of attention on the property-appraisal industry over the past few years from an equity standpoint.We've seen ourselves as a company that wants to bring accuracy, fairness, and modernization to the process of valuing properties. That's why AI is an important topic for us because it's not so much about just creating efficiencies; it's about creating more accurate outcomes and results.We see a really strong tie between AI and worker well-being because a lot of the solutions that AI could be appropriate for have an impact on the way that people work and how their jobs might look.Because we work directly with real-estate professionals — appraisers, real-estate brokers, and agents — there's a constant discussion around not only whether AI is going to replace my role but also how to stay relevant to the process and bring what's needed in terms of human expertise.<h2>'The hybrid work environment has really changed how our leaders show up'</h2>Sharawn Tipton, chief people and culture officer, LiveRampC-suite transformation is a very intentional focus for us, and there's certainly opportunity.So it's about developing those leaders, holding them accountable — not just to our objectives but also to their behaviors — and grooming the next level of leadership as well. The hybrid work environment has really changed how our leaders show up and how we develop them in various areas.The other area that is extremely important around product is artificial intelligence. AI will fuel data collaboration, which is what we do, so we are infusing that into our products. I'm also thinking about how we infuse that into our employees' day-to-day work. There's a lot of complexity there.There's also a conversation that needs to be had around how AI will impact underrepresented groups and do they have the skills necessary to operate in that space.

AI and worker well-being are top of mind for business leaders, according to execs from Accenture, Mastercard, Ancestry, and more

<ul class="summary-list"><li>Tom Greiner, Accenture's lead for health and public-service tech, helps clients improve their IT.</li><li>Greiner opened up about the evolution of cloud technology and generative AI in the public sector.</li></ul>Tom Greiner joined <a target="_blank" href="https://www.accenture.com/us-en">Accenture</a>, an international <a target="_blank" class="" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">leader in information-technology services and consulting</a>, in 1988 as a director of technology in the company's federal-services division. He spent 34 years in that role, which allowed him to work with a wide variety of public-sector clients.He has hands-on experience managing complex projects like US-VISIT, a system deployed by the Department of Homeland Security to handle biometric-data collection at border crossings.In 2022, Greiner became the senior managing director of Accenture's division for health and public-service technology. Using his experience with implementing technologies for US federal services, he helps clients in the commercial public sector and health employ complex information technology, including cloud tools and generative artificial intelligence.Greiner spoke with Business Insider about digital transformations in the public sector and how they might evolve.The following has been edited for clarity and length.Let's talk about cloud technology. Can you explain what hybrid cloud means and its significance in the public sector?Many of our clients still reside in their on-premise data center, or they use a private cloud, which is somebody else's data center but not located that far away.However, we've seen more clients start to embrace the cloud. COVID was an accelerator for that. Dollars and cents is also a driver. There's a need to treat the taxpayer dollar respectfully. Using the cloud for things like backup and recovery or storing system and security logs is much cheaper.As more clients have built digital-facing capabilities to interact with citizens, they've seen that that build is typically done in some sort of cloud variant. Many of them, aside from federal, are focused on a single cloud provider.But in federal, we see many multicloud and hybrid-cloud environments. They'll have data sitting in a data center. They also have some in a thoughtful hybrid-cloud environment, leveraging the cloud for certain tasks but not everything.A few agencies are 100% cloud. They're even dabbling with polycloud, meaning one workload is hitting multiple clouds within the workload. Generative AI is also an accelerator there. We're seeing clients dabble in different foundation models that sit in different clouds.What concerns do stakeholders typically raise when implementing the cloud in the public sector?In Europe, there's a data-sovereignty concern. Where's the data? Where are the people who are touching the data? Where are the people who have access to the data center?In the United States, and in state and local organizations, clients want to know not only if the cloud is secure but also how a cloud service will secure their workload.Clients are asking for a managed SOCKS service and <a target="_blank" class="" href="https://www.businessinsider.com/sc/how-businesses-should-respond-to-ransomware-attacks-2021-3">active threat hunting</a>. Depending on the nature of the data, we've had clients ask for what we call moving-target defense. We can set up a cloud environment, and it will run for four or six hours. Then, we shut it down and set it up somewhere else. If an adversary gets into the environment, their ability to understand it is more limited.How does government regulation impact the public sector's use of the cloud differently from the private sector?There's still confusion in Europe because countries have their own opinions on what the General Data Protection Regulation, or GDPR, should mean, and there's not a uniform point of view on what is right to meet the specifications.Each country is coming up with their own interpretation, and sometimes they're looking to the first mover for guidance. So if Germany went first, another country will look at that and decide, yes, that's good enough or no, we want more.Getting back to the United States, I think a helpful move was the establishment of a minimum set of federal security requirements through the National Institute of Standards and Technology. It's a commonly understood standard that commercial entities look toward.I think the last couple of federal administrations have wound down their emphasis on the <a target="_blank" href="https://www.nist.gov/cyberframework">NIST Cybersecurity Framework</a> as something they need to keep current, and that was a surprise. The implication is that security, like beauty, is left open to the eye of the beholder, and individual variances are increasing friction and cost in the market a bit.A lot of industries would be a fan of the administration again stamping the NIST Cybersecurity Framework as the go-to for being good enough to do business with the US federal government.What's the current demand for AI, particularly generative AI, in the public sector?For AI in general, I'd say it's high and has been for a number of years. With generative AI, I think there's both optimism and caution. 2023 was a year of small experiments and exploration. In 2024, we needed to think about it institutionally.We've worked with states and localities on setting up Centers of Excellence to understand different models, provide coaching on responsible AI, and exchange best practices and reusable capabilities across agencies.Cloud went through a similar process, and I think lessons were learned that are now applied to generative AI. Cloud started as a bit of a free-for-all, and then common infrastructures and security capabilities came later. With generative AI, organizations are trying to solve citizens' problems but also to start with direction on how to do it in a fair and equitable way.Can you provide examples of how generative AI is deployed in the public sector?We completed a program with the District of Columbia Department of Health that created a chatbot for citizens and staff to ask questions about services and program qualifications. That was our first implementation of Amazon Web Services' Bedrock using <a target="_blank" href="https://www.businessinsider.com/retrieval-augmented-generation-making-ai-language-models-better-2024-5">a retrieval-augmented-generation solution</a>.We uploaded their documents and website information into a closed model to guide citizens' questions. RAG is common now, and in the last three months, we've added knowledge graphs for better contextualization and correlation of documents.Generally, I'm still seeing one-off use cases. It's about experimentation, and not about an organization-wide fundamental change. The public sector doesn't have the competitive pressure that commercial does to reinvent, as it's sort of a monopolistic entity by design.However, budgets are tight. If public-sector organizations can free up staff from mundane activities, that's important. It's big in public health, for example, where there's a nursing shortage across the globe. Helping someone coming in for a surgery to ask all the questions they would want to ask in a conversational sort of way could probably off-load 80% of the patient prep and free up a nurse for other tasks.Are general attitudes toward generative AI receptive or cautious in the public sector?I'm seeing that people are encouraged. That's because agencies are picking off use cases where they're confident they can deliver immediate value and build positive momentum. They're going for quick, easy wins, the parts of the job that people hate to do.It works best in organizations with a responsible AI framework in place or that are working with providers that bring that as part of what they do. However, it's still the Wild West, so many organizations can do what they want, and use whoever they want, and get whatever results they're going to get. I suspect we'll see a mixed bag.Still, I think there'll be enough success that AI will continue to permeate and cross-pollinate across states and localities.

A tech leader at Accenture shares how AI and cloud tools in the public sector can evolve with regulation: 'It's still the Wild West'

Global <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> services firm <keyword id="6370971" type="General" weightage="100" keywordseo="accenture" source="Orion">Accenture</keyword>, which has a large presence in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, on Thursday announced to lay off of nearly 19,000 employees amid the challenging global macro-economic conditions and slow revenue growth. Delivering its quarterly results for the second quarter of fiscal 2023, the company also reduced its annual revenue growth and profit forecasts. "We are also taking steps to lower our costs in fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead," Julie Sweet, <keyword id="6415823" type="General" weightage="50" keywordseo="chair" source="Orion">Chair</keyword> and CEO, Accenture, said in a statement. The company said its revenues were $15.8 billion, an increase of 5 per cent in US dollars. The new bookings were at $22.1 billion, a 13 per cent increase. During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transform non-billable corporate functions and consolidate office space to reduce costs. The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024. "Accenture estimates $1.2 billion for severance and $300 million for consolidation of office space, with approximately $800 million expected in fiscal 2023 and $700 million in fiscal 2024," said the company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/now-sync-your-air-travel-with-uber-via-email-integration-in-india/articleshow/98942821.cms">Now sync your air travel with Uber via email integration in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/heres-how-meesho-zepto-pepperfry-and-icertis-cracked-hyperscaling/slidelist/98943189.cms">Here’s how Meesho, Zepto, Pepperfry and Icertis cracked ‘hyperscaling’</a>

Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens

<ul><li>The five large Indian IT services companies — Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, and Tech Mahindra — are trading in the green today. </li><li>The rally in their share price is on the back of Accenture’s fourth-quarter earnings announced last night. </li><li>The company recorded $14 billion in new deal wins, more than half of which came from the outsourcing segment.</li><li>Its growth in revenue was driven by the health and public services vertical. </li></ul>Accenture’s latest earnings report strengthens the optimism for recovery in the Indian IT sector. And the rally in domestic IT stocks is a reflection of that. Tata Consultancy Services (TCS) is among the top movers in the market today. Its Indian IT services peers — Infosys, Wipro, HCL Technologies and Tech Mahindra — India’s top 5 most valuable IT stocks are also glittering green on the back of Accenture’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.43% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.82% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21% </td></tr></tbody></table>Source: BSE — Share price as of 9:50 am compared to previous day’s closing The fourth-quarter results of the Global IT services company indicate that demand is set to return to the sector. “Strong order booking, driven by outsourcing, implies demand is on the path to normalisation and recovery,” said Motilal Oswal in its report dated September 25. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accenture's order book: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New consulting orders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New outsourcing orders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$7.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total new order value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$14 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New large clients ($100 million plus) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17 </td></tr></tbody></table> The traction seen in outsourcing and the focus on cloud, in particular, bodes well for the Indian IT industry. Of the $14 billion worth of bookings that Accenture had on its books during the fourth quarter, more than half was from outsourcing. As of Q4, 70% of the company’s revenue was coming from businesses like digital, cloud and security — areas where Indian companies have also been doubling down. “The shift to cloud helps build a foundation for digital transformation and deflates costs which can be reinvested by enterprises to fund their digital transformation initiatives,” said Japanese brokerage Nomura. Healthcare — the diamond in the rough The biggest growth driver for Accenture is health and public services. However, that particular vertical is unlikely to benefit Indian IT service companies the same way. Most of them have relatively low exposure to healthcare. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vertical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarterly growth by Accenture </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Health and public service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Resources </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Communications, media and technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.3% </td></tr></tbody></table> Nonetheless, TCS — recently having breached the ₹900 lakh crore valuation — is the only Indian IT services giant who’s healthcare market share is greater than its take of the manufacturing market. <div type="image" title="tcs healthcare (1)" msid="78309569" hostid="261" caption="&amp;lt;p&amp;gt;TCS share in the healthcare market&amp;lt;/p&amp;gt;"></div> Accenture’s revenue in the three months ended August fell 2% over the previous quarter to $10.84 billion. For the next fiscal year, the company expects operating margin to be in the range of 14.8% to 15.0%, an expansion of 10 to 30 basis points over the previous year. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-and-sbi-customers-are-facing-upi-payment-glitches/articleshow/78293815.cms">HDFC Bank and SBI customers are facing UPI payment glitches</a> <a href="https://www.businessinsider.in/defense/news/drdo-waives-performance-security-for-development-contracts-as-an-incentive-for-the-private-sector/articleshow/78295788.cms">DRDO waives ‘performance security’ for development contracts as an incentive for the private sector</a> <a href="https://www.businessinsider.in/science/space/news/the-first-ever-supermassive-black-hole-to-be-captured-on-camera-has-a-wobbly-shadow/articleshow/78290040.cms">The first-ever supermassive black hole to be captured on camera has a wobbly shadow</a>

TCS, HCL Tech, Infosys, and other IT stocks rally led by Accenture’s outsourcing strength

<ul><li>Global IT majors will have to bear the brunt of a strong US dollar, despite expectations of revenue growth.</li><li>Back home, Indian IT giants are bearing the brunt of concerns of a potential recession in the US and Europe.</li><li>Several economists have predicted that the US, the world’s largest economy, could slip into recession in the near term.</li></ul>While <keyword id="6357549" type="General" weightage="20" keywordseo="indian-it-companies" source="Orion">Indian IT companies</keyword> are worried about a potential slowdown due to recession, their global counterparts have already started factoring in the impact on their profitability and revenues because of it. The fact that two overseas IT giants – <keyword id="6370971" type="General" weightage="20" keywordseo="accenture" source="Orion">Accenture</keyword> and <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> – have lowered their growth numbers says a lot about the bleak outlook for the sector because of rising inflation and currency headwinds. Accenture cut earnings per share for 2022 to $10.61-10.70, compared with its previous estimate of $10.61-10.81. The Russia-Ukraine war also had an impact on its earnings as it decided to close down its Russian business. The company said it expects a negative foreign exchange impact of 4.5% in fiscal 2022, worse than its previous forecast of a 3% forex hit, as per a <a href="https://www.reuters.com/business/accenture-beats-quarterly-revenue-estimates-2022-06-23/">Reuters</a> report. Note that Accenture makes more than half of its revenue from outside the US. A strong US dollar means weakness in other currencies – this has an adverse impact on companies with exposure to currencies other than the dollar. Confirming the bleak environment to make money, even Cognizant lowered its revenue guidance to 9-11% in constant currency terms as compared to 8.5-11.5% earlier. “Results were strong though the focus of the Street has shifted to impact on business in a recessionary environment,” said a report by Kotak Institutional Equities. A recession in the US and Europe will impact Indian IT companies directly Stocks of Indian IT companies have seen a major correction this year, as a surging inflation and the rising interest rates reduce the spending power of their clients in the US and Europe. Post the breakout of the Covid pandemic, Indian IT giants TCS, Infosys and Wipro reported record earnings as their clients rushed to digitize their operations to meet their growing IT needs. Now, it looks like the era of record growth is over, leading to sharp corrections in stock prices. <div type="image" title="IT firms top 5 companies" height="900" width="1200" msid="92437564" hostid="261" sizebytes="55924"></div> "The stock price correction (in Indian IT firms) has largely been due to de-rating of valuation multiples, as earnings estimates have largely remained intact or seen minor downgrades. The reasons for this sharp derating, as we mentioned above, are largely related to the global macro environment,” said a report by Phillip Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/may-is-the-first-month-of-2022-when-startups-raises-less-than-2-billion/articleshow/92432430.cms">May is the first month of 2022 when startups raises less than $2 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mm-shares-hit-52-week-high-on-the-back-of-rural-revival-more-good-news-in-store/articleshow/92432812.cms">M&amp;M shares hit 52-week high on the back of rural revival – more good news in store</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/okinawa-electric-scooter-showroom-in-mangaluru-catches-fire-several-scooters-destroyed/articleshow/92433747.cms">EV fire – Okinawa electric scooter showroom in Mangaluru catches fire, several scooters destroyed</a>

Accenture, Cognizant could see revenue growth but a strong US dollar could spoil the party

<ul class="summary-list"><li><keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> CEO Brian Armstrong sparked controversy with his tweets about the company's <keyword id="12217426" type="UNKNOWN" weightage="60" keywordseo="super-bowl" source="Orion">Super Bowl</keyword> ad.</li><li><keyword id="13232002" type="UNKNOWN" weightage="60" keywordseo="martin-agency" source="Orion">Martin Agency</keyword> CEO Kristen Cavallo tweeted back that her agency came up with the concept for the ad.</li></ul>Coinbase CEO Brian Armstrong kicked off an advertising-related controversy this week by claiming on Twitter that his company's spartan <a href="https://www.businessinsider.com/coinbase-superbowl-ad-shows-bouncing-qr-code-blank-screen-2022-2">Super Bowl commercial</a> was developed in-house. The resulting clash revealed the behind-the-scenes messiness over partnerships and ideas that can occur in the world of big budget, high stakes <keyword id="11894120" type="UNKNOWN" weightage="60" keywordseo="advertising" source="Orion">advertising</keyword>. The chief executive of the <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange platform tweeted out a thread Monday to explain the genesis of the company's <a href="https://www.businessinsider.com/top-trending-super-bowl-2022-commercials-ads-2022-2">Super Bowl advertisement,</a> which featuring a floating QR code. He wrote that he rejected "a bunch of standard" game day pitches from an "outside agency." Armstrong went on to critique "gimmicky" commercials and encouraged founders to allow their teams "to break the rules on marketing.""No ad agency would have done this ad," he wrote.Martin Agency CEO Kristen Cavallo fired back on Twitter, claiming that her advertising agency actually pitched the idea for the ad. Previously, Coinbase had credited digital agency <keyword id="13232003" type="UNKNOWN" weightage="60" keywordseo="accenture-interactive" source="Orion">Accenture Interactive</keyword> for the commercial, according to <a href="https://www.adweek.com/agencies/why-martin-agencys-ceo-is-calling-out-coinbase-over-its-qr-code-super-bowl-ad/">AdWeek</a>.In a response to AdWeek's story, Cavallo wrote that she wanted to push back against companies "claiming credit and disregarding agencies," saying that she was "advocating" for both Accenture Interactive and "the industry."Coinbase CMO Kate Rouch took to Twitter to clarify, explaining that the collaboration between her team and Accenture Interactive was so "seamless" that Armstrong had mistakenly assumed that the ad was developed in-house."The Coinbase team and I deeply value our partners," Rouch wrote. Rouch went on to say that she "made the call that Martin Agency wasn't a fit for Coinbase" shortly after onboarding. She wrote that Accenture Interactive came up "with the idea of inserting a QR code in a popular meme.""The meme as a conceptual underpinning was creative genius and a unique use of the QR code and was what unlocked our SB success," she wrote. "Breaking up is hard to do. I wish the team at The Martin Agency all the best."Armstrong himself also clarified in a later tweet, giving credit to "the creative firm" who made the Super Bowl spot happen."Honestly, felt like we were all one team so I didn't fully realize it, thank you!" Armstrong wrote.When asked for comment, Martin Agency representatives pointed to Cavallo's post about the situation on <a href="https://www.linkedin.com/posts/kristen-cavallo-1044633_yesterday-i-responded-to-a-tweet-thread-activity-6901894615851429888-6zc9/">LinkedIn</a>. In the statement, Cavallo wrote that her pushback against Coinbase "tweet wasn't about IP or credit" as she understands "multiple agencies can arrive at a similar idea.""I objected to the dismissive tone of the thread and the denigration of ad agencies," she wrote. "I felt compelled to respond to the bravado of, 'No agency would have done this ad,' because in fact, an agency did. The purpose of my response was to stand up for agencies and creatives, and the value we provide."Accenture Interactive and Coinbase did not immediately respond to Insider's request for comment.

Coinbase CEO bashes ad agencies and their 'gimmicky' ideas, then backpedals after a major ad firm calls him out and claims credit for the company's Super Bowl ad

More than nine in 10 executives at electric utilities believe that <keyword id="6361617" type="UNKNOWN" weightage="20" keywordseo="climate-change">climate change</keyword> has contributed to increased extreme weather events that their electricity networks have experienced over the past 10 years, said a study by <keyword id="6370971" type="ORGANIZATION" weightage="20" keywordseo="accenture">Accenture</keyword>. In addition, 90 per cent believe an expected rise in severe weather poses an increased financial risk to their grid businesses. The study -- the sixth edition of Accenture's Digitally Enabled Grid research -- is based on a survey of more than 200 electric utility executives in 28 countries, including India. "Around the world, high-impact weather-related events are becoming more frequent and more severe. In 2018, India's southern state of Kerala suffered its worst monsoon flooding in a century severely impacting the electricity distribution infrastructure in the flood-ravaged areas," Sanjeev Arora, Managing Director and Lead -- Resources, Accenture in India, said in a statement. "Events like this and Cyclone Fani in 2019 in eastern India have shown us the impact of extreme weather conditions in disrupting network operations," Arora said. About 92 per cent survey respondents said they expect severe weather to increase in the next 10 years. At the same time, 88 per cent said maintaining network resilience to extreme weather will result in significant increases in network prices for customers, while only one-quarter of the respondents believe that their businesses are very well prepared to deal with the impact of extreme weather, with one in 12 reporting being poorly prepared. "With various parts of the world affected by droughts, wildfires, and flooding in addition to the U.S. hurricane season just around the corner, climate change is increasing the frequency and intensity of extreme weather events and impacting the electricity grid," said Stephanie Jamison, a global industry senior managing director who leads Accenture's Utilities business. "Greater system flexibility, delivered through digital and emerging technologies, will be critical to optimising grid resilience in a cost-effective and timely manner," Jamison added. More than nine in 10 respondents (95%) believe that building greater adaptability into the network -- such as network reconfiguration, embedded storage, redundancy and voltage management -- over the next 10 years will be critical to increasing overall resilience. Further, 93 per cent see system flexibility as the most cost-effective approach to deliver long-term resilience. "Utilities need a forward-looking, holistic and flexible grid resilience strategy, with right regulatory measures, proactive investments and maintenance, to bounce back quickly from major and even multiple events -- whether it's from extreme weather, cyberattacks, earthquakes or even a pandemic," Arora said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/uber-ride-in-gurgaon-of-driver-seat-in-plastic-goes-viral-on-tiktok-and-instagram/articleshow/75771489.cms">Video of an Uber ride is all the rage on TikTok and Instagram ⁠— the driver got himself a cockpit covered in plastic</a> <a href="https://www.businessinsider.in/india/news/at-least-24-migrant-workers-killed-and-36-injured-on-their-way-home-from-rajasthan/articleshow/75770823.cms">At least 24 migrant workers killed and 36 injured on their way home from Rajasthan</a> <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $455 billion industry has to woo them with fair pay to start with</a>

Severe weather threatens India's electricity infrastructure —  the threats have been building up over the last 10 years

<ul><li>The Indian economy is going through troubled times, which has also impacted hiring. </li><li>However, technology hirings are still pacing up to facilitate the digital transformation. </li><li>Here are a few opportunities in the technical domain.</li></ul>The Indian economy is going through troubled times, which has impacted hiring in a big way. Most of the companies have implemented salary cuts or deferred the appraisal process. However, technology hiring is still inching up to facilitate digital transformation. As per a report by the technology consulting firm Zinnov, 45% of the aggregated GICs (Global In-house Centers) in India halted recruitment for the time being. However, not every company has frozen hiring, and a few such vacancies are listed here. Every week, Business Insider collates interesting vacancies across marquee organisations. This week we bring job openings in the technical domain. Here are a few opportunities: <keyword id="6370971" type="ORGANIZATION" weightage="20" keywordseo="accenture">Accenture</keyword> Position: Tech Solution Architecture Location: Gurgaon Experience: Not Specified Eligibility: Bachelor of Engineering Computer Science, Electronics or Information Technology, MTech in Computer Science or MCA Technology major Accenture is hiring a Tech <keyword id="5588887" type="POSITION" weightage="20" keywordseo="solution-architect">Solution Architect</keyword> for its technology products. The selected hire will be responsible for managing cross functional teams that design, develop, enhance and maintain assets. He should have in-depth knowledge of software engineering to deliver products and softwares to clients. To apply for the job, the candidate must be skilled in python programming, tech solution architecture, and Amazon Web Services (AWS) along with good communication skills. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1768408648/">here</a>. Cisco Position: Solutions Architect ACI Location: Gurgaon Experience: Minimum 15 years Eligibility: Experience in technical services delivery areas Cisco is hiring a solutions architect who will be responsible for creating and executing IT transformation. From engaging with customers to strategy and pre-sales processes, the role requires management skills, deep technology leadership, collaboration and customer success. The selected candidate will be able to interact at all levels of the customer organizations from chief executives to the operations staff. The candidate must have working experience in software development with Java, python, C or C++ along with understanding of data interchange requirements and methods such as SYSLOG, SNMP, XML, JSON, REST and SOAP. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1827371555/">here</a>. Amazon Position: AWS Solutions Architect Location: Gurgaon Experience: Minimum 10 years Eligibility: Experience in software development, agile methodologies and DevOps Technology platform Amazon Web Services (AWS) is hiring solutions architects for its web services. The candidate will work on technical engagement by defining implementation architectures, responding to RFPs, AWS technologies. He should be a subject matter expert on security services related to customer application. The selected candidate will be required to work on presentations, product demos, sample solutions to increase adoption of Amazon Web Services in Indian organisations. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1829504566/">here</a>. Genpact Position: IT Technical Solution Architecture Location: Gurgaon Experience: Not specified Eligibility: Not Specified Genpact is inviting applications for a Technical Architect for IT infrastructure solutioning. The candidate will be required to provide end to end IT solutions in business transitions, new sites, infrastructure and data projects. He will have to work across teams to deliver results through the life cycle of the project (Design, implementation, handover). To apply for the job, the candidate must have an understanding of AWS or Azure Cloud platforms, hybrid cloud and security technologies like Okta, Qradar, Zscaler. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1800925228/">here</a>. Freecharge Position: Technical Architect Location: Gurgaon Experience: Minimum 10 years Eligibility: Bachelor’s degree Freecharge, a subsidiary of Axis Bank is looking for a Technical Architect who will work on architectures and designs for new solutions at FreeCharge. The selected candidate will perform code reviews and design reviews. He will work on product development cycles — from inception to production and supporting new requirements, re-architectures. To apply for the job, the candidate must have problem solving skills, JAVA web development experience, system design skills and familiarity with NoSQL databases. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1804397928/">here</a>.

Cisco, Accenture, Genpact and others hiring for technology profiles

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-banking-as-a-service-platform-providers">please click here</a>.</li></ul>Banking-as-a-Service (BaaS) is a key component to open banking, in which banks open up their systems and allow third parties to access their data to enhance their own services. This growing market is transforming retail banking, reshaping incumbents' relationships with customers, and easing entry for fintechs. The UK is leading the open banking movement with regulatory efforts that are reverberating throughout the world. Countries across continents have introduced open banking regulations of their own, indicating that the financial services industry is moving toward an era where sharing data and infrastructure will be table stakes. Here are the top companies already implementing BaaS strategies, broken out into two main categories: <ul><li>Pure BaaS Providers</li><li>Retail Banks w/ BaaS Services</li></ul><h1>Pure BaaS Providers</h1><h2>solarisBank</h2>solarisBank bills itself as a "tech company with a banking license." The Berlin-based startup holds a German banking license and provides a BaaS platform that enables businesses to offer fully digital and compliant white labeled financial services to their end-customers. Founded in 2016, solarisBank's lets customers seamlessly integrate financial services into their offerings through modern RESTful APIs. The team is focused on building fully automated processes, providing nearly invisible infrastructure to end users, and creating a global digital ecosystem for customers to build their own scalable banking products. The company boasts nearly 60 global corporate clients, and closed a €56.6 million ($62.7 million) Series B funding round in early 2018 that included investments from BBVA, Visa, SBI Group, and Lakestar. Some of solarisBank's customers include: <ul><li>Kontist</li><li>Börse Stuttgart</li><li>Smava</li><li>Trade Republic</li><li>Tomorrow</li><li>Al Baraka Bank</li></ul>Learn more about <a href="https://www.solarisbank.com/en/">solarisBank</a>. <h2>Bankable</h2>Bankable is a London-based startup focused on enabling incumbent financial institutions, fintechs, and other corporations to bring new payments solutions to market. Its BaaS solutions include a virtual ledger manager, digital banking, payment card programs, and e-wallets. Its end-to-end payment services are accessible via an interoperable proprietary platform that's PCI-DSS (Payment Card Industry - Data Security Standards) certified and hosted in Tier-4 data centers for advanced security. Bankable helps its partners meet the technological and regulatory challenges of developing disruptive financial services. In April of 2019, Bankable announced a partnership with Visa to accelerate its digital banking solutions. Some of Bankable's customers include: <ul><li>Spendesk</li><li>ABN Amro (Money you)</li><li>Kard</li></ul>Learn more about <a href="https://www.bnkbl.com/">Bankable</a>. <h2>Treezor</h2>Treezor is a white label core banking platform that operates as a "one-stop shop payment solution" both receiving and issuing payments. The firm facilitates payment management by enabling its 30 licensed and unlicensed fintech clients to provide their customers personalized credit cards and dedicated International Bank Account Numbers (IBANs). Founded in 2015, the Paris-based startup is accredited by the French Prudential Supervision and Resolution Authority (ACPR), and is a member of the <keyword id="6368201" type="COMPANY" weightage="20" keywordseo="mastercard">Mastercard</keyword> and SEPA networks. Treezor was acquired by Societe Generale in 2018 to accelerate the parent company's open innovation strategy.Some of Treezor's fintech clients include: <ul><li>Lydia</li><li>Qonto</li><li>Compte CO2</li></ul>Learn more about <a href="https://www.treezor.com/en/">Treezor</a>. <h2>11:FS Foundry</h2>UK-based SaaS/PaaS company 11:FS Foundry is in the process of developing a platform to offer core banking capabilities leveraging tech that eliminates the need to choose between agility and scalability. The firm is looking to make core banking upgrades and overhauls - historically seen as high risk, high cost, and, frankly, to be avoided - much more attractive and scalable for clients by diminishing cost, time to market, and barriers of archaic infrastructure. In mid-2019 the firm, which launched a year earlier as a subsidiary of 11:FS, announced that its investment partner and first lending client, DNB, had committed a second round of funding to the project. Learn more about <a href="https://11fs.com/digital-financial-services/11fs-foundry">11:FS Foundry</a>. <h2>Cambr</h2>Formed in 2018 from a partnership between Q2 and StoneCastle, Cambr boasts a full-stack banking service and the nation's largest distributed deposit platform (StoneCastle's network of over 800 community banks). Although it does not offer completely turnkey BaaS solutions like some of its competitors, Cambr offers the necessary underlying infrastructure by playing to the strengths of its founding partner companies: extensive industry experience, robust technology assets, and strategic banking relationships. The company currently offers basic deposit accounts, compliance, payments, banking, and debit cards. Some of Cambr's customers include: <ul><li>Qapital</li><li>MoneyLion</li></ul>Learn more about <a href="https://cambr.com/">Cambr</a>. <h2>ClearBank</h2><keyword id="164761" type="COMPANY" weightage="20" keywordseo="WorldPay">WorldPay</keyword> founder Nick Ogden unveiled UK-based ClearBank in 2017 after three years of secretly working on the project. The "bank for banks" provides no services to consumers - instead enabling financial service providers, FCA-regulated businesses, and fintechs to build their own solutions and services. ClearBank is notably the UK's first new clearing bank in 250 years, and aims to transform the clearing bank experience and create a new level of open competition and transparency in the UK market. Its technology stack transforms the ability for financial institutions to provide current accounts to their customers, resulting in faster, more efficient payments, and financial inclusion. The firm provides agency banking services including secure access to core banking solutions, payment schemes and systems, all operated within a liquidity-managed account. Some of ClearBank's clients include: <ul><li>Tide </li><li>Oaknorth </li><li>Nationwide </li><li>Dozens </li></ul>Learn more about <a href="https://www.clear.bank/">ClearBank</a>. <h1>BaaS Providers w/ Retail Banking Services</h1><h2><keyword id="8280870" type="COMPANY" weightage="20" keywordseo="Starling-Bank">Starling Bank</keyword></h2>In October 2018, Starling Bank CEO Anne Boden authored a <a href="https://www.starlingbank.com/blog/platformification-of-banking-industry/">company blog post</a> announcing "the death of transaction banking" and, in turn, the firm's entrance into the BaaS and Payments-as-a-Service (PaaS) space. With its pioneering BaaS offering, Starling has opened its APIs to enable banks, fintechs, retailers, and brands to use its banking license to develop customized financial products such as savings or current accounts and debit cards. Some of Starling Bank's BaaS and PaaS clients include: <ul><li>Raisin UK</li><li>Ditto</li><li>UK Department for Work and Pensions</li><li>Xero</li><li>Telleroo</li><li>Vitesse</li><li>PelicanPay</li></ul>Learn more about <a href="https://www.starlingbank.com/">Starling Bank</a>. <h2>Fidor Bank</h2>Fidor Bank is a German digital-only challenger bank that helps financial, retail, and telecom businesses bring their digital banking concepts to life. The startup provides turnkey white label banking solutions covering bank license across Europe, technology, compliance, risk management, go-to-market strategy, and customer service. Fidor designs, tests, and builds its clients' digital banking projects into its full-service proprietary digital banking platform fidorOS (fOS). Customers can also build a unique customer experience on top of Fidor's APIs if they choose. Some of Fidor's clients include: <ul><li>O2 Telefonica</li><li>ADIB</li><li>Van Lanschot</li></ul>In 2017 Fidor Solutions and Fidor Bank were acquired by Groupe BPCE. Learn more about <a href="https://www.fidor.com/">Fidor Bank</a>. <h2>Green Dot</h2>After making a name for itself as the leading provider of prepaid debit cards and, later, mobile banking technology and tax refund disbursement processing, Pasadena-based "branchless" bank Green Dot joined the ranks of BaaS companies in Q1 2019. The fintech's platform provides end-to-end infrastructure for managing a banking or payments program at scale. Green Dot saw immediate returns after the initial BaaS launch, posting a 6% increase year-over-year in total operating revenue from Q1 2018. CEO Steve Streit attributed the bank's spike in active accounts primarily to its BaaS programs and partnerships, which added 420,000 new active accounts in Q1 2019. Some of Green Dot's BaaS customers include: <ul><li>Uber</li><li>Walmart</li><li>PayPal</li><li>Stash</li><li>Apple Pay Cash</li><li>Pangaea</li><li>EasyCorp</li></ul>Learn more about <a href="https://www.greendot.com/">Green Dot</a>. <h2>BBVA</h2>BaaS isn't just for startups and emerging players. Multinational Spanish banking group - and one of the largest financial institutions in the world - Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) moved its open platform out of beta in October 2018. By connecting to BBVA's core digital banking platform, third parties can access its APIs and specific financial service features including Move Money, Identity Verification, Account Origination, and Card Issuance. In addition to offering paid access, the Open Platform team operates a sandbox testing environment, so interested companies can work through their proposals before fully signing up. Companies using BBVA's APIs include: <ul><li>Simple</li><li>Azlo</li><li>Xero</li><li>Modo</li><li>digit.co</li></ul>Learn more about <a href="https://bbvaopenplatform.com/">BBVA's open platform</a>. <h2>Growth of Banking-as-a-Service</h2>The open banking movement is proliferating around the world, creating new opportunities for emerging players in the space, and forcing legacy banks to re-examine their business models as a result. Many industry executives already view open banking as an inevitable and accelerating trend in financial services. In fact, <keyword id="6370971" type="COMPANY" weightage="20" keywordseo="accenture">Accenture</keyword> projects open banking-related services will account for 7% of total banking revenue by 2020 - less than two years after the UK's open banking regulation rollout. For now, these regulations don't require banks to begin offering BaaS, so those that choose to do so will be ahead of the curve - and likely see high demand as a result. To keep you ahead of the industry's biggest shifts - like the open banking movement and BaaS - Business Insider Intelligence is launching Banking in September, a new research area with coverage including BaaS and open banking, consumer and business banking, mobile and online banking, digital account opening, and neobanks. <h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-banking-as-a-service-platform-providers">Click here to obtain an exclusive FREE preview of Banking!</a></h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking_launch"></a>

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