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Tech investments have increased for cybersecurity: FICCI-IBA Survey

Tech investments have increased for cybersecurity: FICCI-IBA Survey

Long-term credit demand is increasing in sectors such as infrastructure, chemicals, food processing, metals, iron and steel, and petroleum products, says the fifteenth round of the FICCI-IBA survey.   A total of 25 banks including public sector, private sector and foreign banks participated in the survey that was carried out for the period from January to June 2022.

The shift towards digitization, disruptive innovation, and new technologies has led banks to invest substantial amounts to upgrade their information technology infrastructure, leading to higher operating expenses. About 37% of the respondents stated that their average technology expenses as a percentage of the operating expenses for FY22 was above 8%, while another 36% of the respondents stated that it was in the range of 5 – 8%. Around 27% of the survey respondents reported it to be below 5%.

Cybersecurity emerged as the key area in which technology investments have witnessed an increase, as reported by 73% of the survey respondents. Cloud based solutions (68%) and building new platforms (68%) were the other key investment areas pointed out by the survey respondents.

Banks were asked if setting up of Digital Banking Units (DBUs) would facilitate speedy transition of India to a digital economy. All the respondents indicated in affirmative. Bankers believed that this step is beneficial for both customers and banks and will play a pivotal role in accelerating and widening the reach of digital banking services and enabling last-mile financial inclusion.

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