According to Gartner, Indian banking and security firms are likely to spend Rs 422 on their IT infrastructures in 2013, from Rs 373 billion in 2012.
The forecast includes spending on internal IT (largely personnel), hardware, software, external IT services and telecommunications. IT service providers are focusing on the financial services sector to tap business opportunities offered by some of the biggest domestic IT companies in the country. With a growth rate of 18 per cent in 2013, the software segment will be the fastest growing amongst different IT spending categories.
For upcoming banks, investing in front office technologies will be a priority. However, to increase their penetration in India, banks will follow the leverage your customer device trend (LYCD). The LYCD trend will evolve the relationship between the bank and its customers over the mobile channel without leading to a significant increase in the IT costs for the bank.
