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Bandhan Financial Services acquires Genisys Group to integrate technology solutions and enhance BFSI offerings globally.
The holding group of Bandhan Group has entered the technology segment by buying Genisys Group, which is a global IT and business process services company. This would help Bandhan Group spread its footprint more in the world market, primarily in the US, UK, and India. New offices are to be opened in these markets to expand their presence.
This integration of the expertise and service portfolio of Genisys Group will bring to Bandhan Financial Services a host of advanced technological solutions. This includes digital transformation services, data analytics, cloud computing, and business process outsourcing-all of which are critical to Bandhan's ambitions of further expanding its financial services capabilities.
The acquisition will strengthen Bandhan's position in the BFSI sector by merging traditional financial services with cutting-edge technological solutions. Arvind Agrawal, managing director of Bandhan Financial Services, said that the financial industry is undergoing a change because of emerging technologies like artificial intelligence, cloud computing, and hyper-automation that are powering digital transformation. Notably, Agrawal said, "This is a chance for Bandhan to provide IT-enabled offerings which answer the significant challenges in BFSI and also grab a rising opportunity in the fin-tech space".
Traditionally, the company is strategically focused on financial services; this involves banks and insurance products. Bandhan Bank and Bandhan Life Insurance are the subsidiaries of the bank. A recent acquisition in life insurance has cemented Bandhan's position in life insurance as well. Now with capabilities of Genisys Group coupled with Bandhan Financial Services, the bank shall be apt at integrating financial with technological solutions towards innovation and even better service propositions to its clientele across sectors.
This acquisition not only speaks to Bandhan's much larger expansion of the service offerings for it but places it in an even better space to address an ever-changing space for the needs of the BFSI sector in increasingly digital worlds.
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