Snippets: Indian banking transition

Indian banking transition

The transition of the Indian banking sector is creating many opportunities of technology investments into digital payments infrastructure, according to Gartner, Inc. IT spending in banking and securities firms in India will increase by 11.7 per cent in 2017 to reach $9.1 billion. Several top banks are investing heavily into contactless payment, which uses near field communication mechanisms, which is propelling many investments into devices. Devices spending in Indian banking will grow the fastest at 20 per cent in 2017, followed by IT at 15.8 per cent. Firms in the banking and securities industry are investing more in devices to upgrade their existing infrastructure. “As banks focus on enhancing the legacy infrastructure and making digital transformation the primary goals for the banks, we will see more investments flow into newer concepts like artificial intelligence and blockchain,” said Moutusi Sau, principal research analyst, Gartner.

Digital coupon

A new study from Juniper Research has found that the value of digital coupon redemptions will surge to $91 billion by 2022, up from $47 billion in 2017. The new research, Mobile & Online Coupons: Leading Vendors, Technologies & Market Forecasts 2017-2022, finds that the dominant mobile channel will be led by in-app coupon redemptions towards the end of the period, overtaking SMS; a channel which also continues to grow markedly well.

Juniper finds that the largest volumes of coupon redemptions will be generated via app-based platforms by the end of the period, as providers see increased preference for the loading of both one-time and loyalty-based incentives for use in store. The research identified three stand-out and emerging technologies showing significant disruptive potential: chatbots, QR codes and invisible payments.