Demonetisation to push IT spending of banking and securities firms to $8.9 billion in 2017
IT services will grow the fastest at 13.8% in 2017, as firms in the banking and securities industry invest more in business processes, specifically in business process outsourcing.
IT spending by banking and securities firms in India will reach $8.9 billion dollars in 2017, an increase of 9.7% from 2016, according to a Gartner report. This forecast provides total enterprise IT spending for internal spending and spending data on data center systems, devices, software, IT services and telecom services.
IT services will grow the fastest at 13.8% in 2017, as firms in the banking and securities industry invest more in business processes, specifically in business process outsourcing, said the report. The focus is on outsourcing the activities to achieve operational efficiency and reduce costs in the banking and securities industry in India.
“The banking and securities industry in India saw a sea of change from earlier years in 2016 due to the sudden demonetisation announcement,” said Moutusi Sau, principal research analyst at Gartner. “Banks are increasingly working to enhance their customer facing platforms and investing in payment tools.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Retirement Planning: This small finance bank offers up to 9.5% interest rate on FDs to senior citizens, check details
SBI Retirement Benefit Fund: This SBI fund has given more than 20% return since its launch, check details
PM Modi to visit Varanasi on September 23; to lay foundation of cricket stadium, inaugurate Atal Awasiya Vidyalayas