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