08 February 2016

Indian financial services IT spending soars - Gartner

11 June 2012  |  3888 views  |  0 Taj Mahal

The Indian financial services industry will spend Rs377 billion ($6.77 billion) on IT this year, 17% up on 2011, according to Gartner.

Telecommunications equipment and services - the biggest spending category - is forecast to reach Rs131 billion in 2012, up from Rs113 billion the previous year.

Spending on software is expected to grow the fastest, with revenue totalling Rs34 billion, up 28% from 2011 revenue of nearly Rs27 billion. This is being driven by extensive deployment of enterprise software applications such as financial and administration packages and customer relationship management, says Gartner.

Derry Finkeldey, principal research analyst, Gartner, says: "The real spend drivers will be the Indian retail bankers, although all financial services sectors including insurance and securities are increasing IT spend as they build out their infrastructures."

Finkeldey adds that mobile is increasingly important for Indian banks, with spending predicted to grow by nearly 50% this year with a corresponding 30% rise in network services expenditure.

"This focus on mobility is a global trend, but particularly pertinent to Indian FSIs. They are all focused on leveraging the high mobile penetration to bring banking services to a wider audience," says the analyst.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

29 May, 2012
18 May, 2012
09 May, 2012
27 April, 2012
06 January, 2012
05 August, 2011
01 July, 2010
19 January, 2010
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
11444 views comments | 51 tweets | 44 linkedin
Digital transformation driving earnings at...
9914 views comments | 47 tweets | 39 linkedin
Visa opens up to developers
8133 views comments | 23 tweets | 41 linkedin
ECB eyes up European P2P payments
8009 views comments | 29 tweets | 39 linkedin
It may take ten years, but blockchain tech...
6776 views comments | 21 tweets | 19 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job