US-based monetary establishment Residents Monetary Group on Tuesday introduced the launch of its first world functionality centre (GCC) in India, selecting Hyderabad as its base. The centre is being established in partnership with Cognizant.
The brand new Hyderabad facility goals to grow to be an innovation hub centered on IT, information, and analytics, and is predicted to develop to 1,000 professionals by March 2026. The centre will play a key position in Residents Monetary’s digital and tech transformation.
“Our partnership with Cognizant on the institution of a GCC in Hyderabad is core to our technique to scale digital transformation, strengthen innovation capabilities, scale back reliance on vendor companions, and enhance time to marketplace for new-age banking merchandise,” Michael Ruttledge, chief info officer at Residents Monetary Group, mentioned.
Hyderabad now hosts over 350 GCCs, with BFSI gamers like Goldman Sachs, JPMorgan Chase, and Wells Fargo already working main centres within the metropolis.
“Residents Monetary Group now joins this distinguished checklist,” Nageswar Cherukupalli, SVP & BU head (BFSI) at Cognizant, mentioned.
Cognizant presently employs practically 57,000 individuals in Hyderabad, making it one of many metropolis’s largest tech employers. The agency additionally plans to arrange a Banking and Monetary Providers Innovation Middle within the metropolis.
“We plan to leverage our Neuro and Flowsource platforms to assist advance fashionable banking with future-ready, AI-powered options,” Surya Gummadi, president – Americas, Cognizant, mentioned.
The Residents-Cognizant collaboration is being backed by the Telangana state authorities.In the meantime, Vanguard Group, one of many largest monetary administration MNCs, has introduced the institution of its GCC in Hyderabad, marking the corporate’s first facility in India. Vanguard Group plans to scale the power to over 2,300 workers within the coming years, considerably contributing to the area’s rising tech ecosystem.
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