23 July 2017
visit www.avoka.com

Indian financial services IT spending soars - Gartner

11 June 2012  |  4270 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  |  11337 views  |  0 comments | 1 tweets
HSBC launches Indian m-payments service for corporates

HSBC launches Indian m-payments service for corporates

09 May 2012  |  9396 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  |  9136 views  |  1 comments
RBI Committee calls for national switch to EMV

RBI Committee calls for national switch to EMV

05 August 2011  |  11751 views  |  3 comments | 1 tweets
Gartner downgrades IT spending forecasts

Gartner downgrades IT spending forecasts

01 July 2010  |  7834 views  |  0 comments
Global IT spending stuck at 2005 levels - Gartner

Global IT spending stuck at 2005 levels - Gartner

19 January 2010  |  4923 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit www.niceactimize.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
13745 views comments | 19 tweets | 15 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
9961 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
8910 views comments | 16 tweets | 12 linkedin
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
8409 views 0 | 8 tweets | 16 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
7488 views comments | 25 tweets | 16 linkedin