Indian banking, securities IT spending to grow 9% in 2020: Report

Mumbai: Spending by the banking and securities sector in India will total $11 billion in 2020, an increase of 9.1 per cent from 2019, as the sectors continue to increase its investments in digital business, said a latest forecast by Gartner Inc. on Tuesday.
Banking and securities organisations are investing in emerging digital technologies, such as Artificial Intelligence (AI) and Blockchain, 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,” Ali Merji, Senior Research Director at Gartner, said in a statement.