Banks, securities cos’ IT spend seen to rise 8.6% to $7.8 billion in 2017

IT spending by banking and securities firms in India is estimated to touch $7.8 billion in 2017, an 8.6 per cent jump from 2016, technology research firm Gartner on Thursday said. 

“The banking and securities industry is increasingly working towards investing in core banking solutions to transform the legacy systems,” Moutusi Sau, principal research analyst at Gartner said. 

In addition, there is a lot of investment from banks to leverage digital technologies in order to enhance the customer facing platforms, Sau added. The banking and securities industry forecast entails total enterprise IT spending.