BFSI sector IT spend to hit Rs 50k-crore in 2015

money-reuters-LBFSI 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.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.