Seeing early stages of tech investment super cycle; Asia-Pacific markets growing fast: Mphasis

Nitin Rakesh, CEO & executive director of Mphasis, said, “we are in early stages of a tech investment super cycle over the last two to three quarters and banks are leading that.”

Throwing more light on the banking and financial services and deal opportunities there, he said early in the in the crisis, there was a lot of provisioning on the balance sheet done by the banks and that means that they had a decline in their recorded profits. A lot of that is coming back now because given extreme amount of support from the Fed, and the government they really didn't see that level of impairment, either in consumer loans or mortgages, said Rakesh in an interview with CNBC-TV18.

From that perspective, they are in good shape and though interest rates have softened a little bit now but a little bit of uptick late last year helped as well, he said, adding that, “Good, strong balance sheets, not a lot of impairment, not a lot of financial stress, very good liquidity environment, good support from the Fed and the government, consumer spending extremely strong. At this point in time, we are seeing that confidence in a way translate into their ability to invest in the business, especially in tech because it becomes such a table stake issue for them to have good digital tech with engagement platform, good data platforms.”