Elena Christopher, chief research officer at HFS, said, US lenders are reeling under problems like rising cost of acquiring deposits, lower demand for lending and continued off-balance-sheet loss potential due to continued inflation impacting fixed assets.
“After the bank failures in Q1 this year, the US banking market remains hesitant at best to do much more than keep in-play initiatives going. There is a massive focus on cost savings — which is always there — but it’s everyone’s number one objective at the moment,” Christopher said.
She added that the US climate of banking uncertainty equates to limited new investment. “For service providers, they are finding other geographies to be more lucrative in terms of banking opportunities for the time being. Like the recent Danske Bank deal for Infosys as well as some life and pensions deals for TCS in the UK.”
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