Nitin Rakesh took over as the CEO of Bangalore-based IT company Mphasis earlier this year. He was earlier CEO and president of Syntel, and president, CEO and managing director of Motilal Oswal Asset Management Company, and chief executive of State Street Syntel Services, a joint venture between Syntel and State Street Bank. In this conversation with Knowledge@Wharton, Rakesh talks about the rapid growth of technology. It must be “bionic, rather than a debate between automation and human,” he says.
During Indian Prime Minister Narendra Modi’s meeting with American business leaders during his recent visit to the U.S., Apple CEO Tim Cook is reported to have spoken with him about Apple’s first assembled-in-India iPhone – the iPhone SE. Apple started assembling the iPhone SE in Bangalore in May through its partner, the Taiwanese contract manufacturer Wistron Corporation. Over time, this is expected to be scaled up to full manufacturing. (iPhone SE was launched globally in April last year and at a starting price of $399 was positioned as Apple’s cheapest iPhone.) While at present the Cupertino, Calif.-based technology firm sells its iPhones in India through multiple channels like franchisee-run exclusive brand stores, multi-branded stores and online, it is now waiting for approval from the Modi government to set up its own company-owned stores in the country.
A series of scandals has sparked a crisis of confidence in Wells Fargo, the nation’s third-largest bank whose roots harken back to the Gold Rush era when it provided financial services to miners in the Wild West. The most recent scandals — which included falsifying and accessing without authorization more than 2.1 million deposit and credit card accounts — has led to one of the biggest stains on the bank’s reputation in its 165-year history.