28 July 2016
Find out more

Indian financial services IT spending soars - Gartner

11 June 2012  |  4001 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)

Finextra news in your inbox

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

Related stories

Mobile payments value to soar 62% to $171.5bn in 2012 - Gartner

Mobile payments value to soar 62% to $171.5bn in 2012 - Gartner

29 May 2012  |  10958 views  |  0 comments | 1 tweets
HSBC launches Indian m-payments service for corporates

HSBC launches Indian m-payments service for corporates

09 May 2012  |  9070 views  |  0 comments
Gartner lowers IT spending estimates; forecasts carnage in EU banking

Gartner lowers IT spending estimates; forecasts carnage in EU banking

06 January 2012  |  8850 views  |  1 comments
RBI Committee calls for national switch to EMV

RBI Committee calls for national switch to EMV

05 August 2011  |  10820 views  |  3 comments | 1 tweets
Gartner downgrades IT spending forecasts

Gartner downgrades IT spending forecasts

01 July 2010  |  7571 views  |  0 comments
Global IT spending stuck at 2005 levels - Gartner

Global IT spending stuck at 2005 levels - Gartner

19 January 2010  |  4648 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
satelliteContactless Bitcoin startup Plutus Tap &am...
9549 views comments | 9 tweets | 4 linkedin
Apps crush internet for UK banking loginsApps crush internet for UK banking logins
8550 views comments | 19 tweets | 25 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
6733 views comments | 16 tweets | 20 linkedin
UK and South Korea build 'fintech bridge'UK and South Korea build 'fintech bridge'
5931 views comments | 13 tweets | 14 linkedin
hands typing furiouslyManaging Big Data After Brexit
5758 views 0 | 5 tweets | 8 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job