Banks increase tech spending as super app space grows in India
ICICI and Axis Bank now spend 8-9% of their total operating expenses on technology
Topics
Apps | Indian banks
As the super app space continues to grow in India, with conglomerates like Tatas, Reliance and Adani planning to launch them, Indian banks are also preparing for the challenge posed by these companies by increasing their spending on technology. .
A “super app” is an app that allows users to access a number of services on a single platform. ICICI Bank – the second largest private sector bank in the country – recorded a 20% year-on-year (YoY) increase in non-wage spending to Rs 4,590 crore during the October-December period , mainly due to …
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First published: Monday, February 21, 2022. 06:04 IST