Global banks' tech revival sparks hope for $254 billion Indian IT sector

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BENGALURU : Global banks have started reviving the technology projects they put on ice in 2023, raising hopes for the $254 billion Indian IT sector that makes about a third of its revenue from banking, financial services and insurance (BFSI) clients.

The renewed tech investments are aimed at boosting regulatory compliance, customer experience and cybersecurity, while also revamping infrastructure through cloud migration, according to their earning calls.

Many analysts expect the U.S.central bank to cut interest rates by 50 basis points in September, a move that will make borrowing cheaper and could ease cost pressures that forced many IT clients to defer discretionary projects.

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Category: EconomyBusiness

Markets: SingaporeIndia

Topics: Tech Banks Services Cent Technology Bank Clients Billion Industry Bfsi 2024

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-14 @ 15:59:05 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 666 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 22074190

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