Indian banking, securities sectors' IT spend to grow 9% in 2020: Gartner

Evolving needs

According to Gartner, Inc. the IT spending of the banking and securities sector in India will total $11 billion in 2020, an increase of 9.1 per cent from 2019. The assessment of the research and advisory firm is that the increasing investments are not only to create new product offerings but also to respond to evolving customer demands. “As an example, the transition to a cashless society aided by newer digital payment channels is creating opportunities for new digital technology investments in the sector,” said Ali Merji, senior research director at Gartner. Respondents to the 2019 global Gartner CIO Survey identified artificial intelligence and machine learning as the number one game changing technology at 27 per cent followed by data analytics, including predictive analytics at 20 per cent. “Technologies such as biometric authentication, machine learning, chatbots are increasingly preferred by CIOs to deliver an enhanced user experience and enable digitalisation of the sector,” said Merji.

New abodes
 

It may be too early to write off hotels as we know them but there are some signs that the average Indian traveller is getting more inclined towards trying alternative accommodation while on a trip. At least that is what a new survey by online travel company MakeMyTrip (MMT) — which shows that nearly one in every two Indian travellers trying out villas, apartments, homestays, hostels, cottages and farmstays – would make one believe. The findings show 55 per cent of those surveyed switched from booking a hotel to an alternative accommodation property during their last trip. Among them, about 46 per cent had booked an alternative accommodation for the first time in their travel history. With a promise of offering diverse stay experiences to travellers, alternative accommodations have become the first choice for a large percentage of Indian travellers, says MMT.