IT spend of banking, securities firms to hit $7.8 bn: Gartner

IT spending by banking and securities firms in India is estimated to touch $7.8 billion in 2017, an 8.6% jump from 2016, technology research firm Gartner said on Thursday.

"The banking and securities industry is increasingly working towards investing in core banking solutions to transform the legacy systems," Moutusi Sau, principal research analyst at Gartner said in a statement.

In addition, there is a lot of investment from banks to leverage digital technologies in order to enhance the customer facing platforms, Sau added.

The banking and securities industry forecast entails total enterprise IT spending including internal spending and spending on data center, devices, software, IT services and telecom services.

"IT services and software will both be the fastest growing segments at 12.6% in 2017, as firms in the banking and securities industry invest more in applications and business processes, specifically in business process outsourcing," it added.

The focus is on integrating the digital framework firmly into the banking and securities industry in India, Gartner pointed out.