A Truist Bank branch in Chevy Chase, Maryland. (Photo: Tony Webster, CC BY 2.0, Wikimedia Commons)
Truist Financial is expanding its work with Infosys on the bank’s outsourced global capability center in Hyderabad, in southern India, according to a StreetInsider report of the Infosys announcement. The two companies plan to mark the onboarding of more than 1,000 colleagues at the center later this month. Eventually the center will be transitioned to the bank.
Truist, based in Charlotte, North Carolina, is one of the ten largest commercial banks in the United States, with $556 billion in total assets. Infosys, based in Bengaluru, in southern India, is a technology services company with more than 325,000 employees and operations in fifty-nine countries. Two of its original founders are graduates of the same university as me.
Truist is moving work it used to buy from several suppliers in India into one operating model supported by Infosys. Infosys will help build, scale and transition the center, combining artificial intelligence, technology, data and operations into one delivery framework. It will use its Infosys Topaz platform and a build, operate and transfer model, a structure that ends with the center moving to the client.
Truist’s chief information officer, Steve Hagerman, called the center a strategic investment in the bank’s future. The bank says the center is meant to reduce its dependence on third parties and build technology talent in engineering, data and operations.
According to media reports, the contract is worth more than $500 million over five years, with 4,500 people at full scale. The companies have not confirmed those figures.
For American companies weighing India, the structure matters as much as the headcount: a bank is consolidating outside vendors into one center, with a services partner building it and then handing it over.
