IT Spending by Banks in India to Reach $8.9 Billion: Gartner

IT spending by banking and security firms in India will reach $8.9 billion in 2017 -- an increase of 9.7 per cent from 2016, market research firm Gartner said on Friday.

Gartner predicted that IT services will grow the fastest at 13.8 per cent in 2017 as firms in the banking and securities industry invest more in business processes, specifically in business process outsourcing.

The focus is on outsourcing the activities to achieve operational efficiency and reduce costs in the banking and securities industry in India.

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"The banking and securities industry in India saw a sea of change from earlier years in 2016 due to the sudden demonetisation announcement," said Moutusi Sau, Principal Research Analyst at Gartner.

"Banks are increasingly working to enhance their customer facing platforms and investing in payment tools," Sau added.