Banks boost tech spend as super app space gains momentum in India

ICICI, Axis Bank now spend 8-9% of total operating expenses on technology

As the super app space continues to gain momentum in India, with conglomerates like the Tatas, Reliance and Adani planning to launch them, Indian banks are also bracing themselves for the challenge posed by these firms by increasing their spending on technology.

A 'super app' is an application that allows users to access a number of services under one platform.

ICICI Bank – the second-largest private sector bank in the country – saw a 20 per cent year-on-year (YoY) increase in its non-employee expenses to Rs 4,590 crore in the October-December period, mainly due to expenses in its retail business