BFSI sector will spend around Rs.50,000 crore on Information Technology in 2015, according to a Gartner report. The sector is expected to see an increase of over 9.8 per cent over 2014 spend of Rs.455 billion. The spending by financial institutions on internal IT includes in-house personnel, hardware, software, external IT services and telecommunications.
Several companies are investing on operational infrastructure to support regulatory needs and sustain increasing demands from the digital channels. The upcoming 11 payments banks and 10 small finance banks will also get a push and increase the spends on information technology products and services.
According to the report, the banks will increase investments in digital solutions, modernised backend systems and increase their reliability and speed.