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Reason to cheer for Indian IT: Healthy outlook from US banks

According to industry analysts, the fact that US banks, including Citibank, JP Morgan, Goldman Sachs, Wells Fargo and Bank of America have said they would continue to invest in technology is a reason to celebrate for the Indian IT industry.

“Improvement in US BFS (banking and financial services) revenue environment and stable commentary on IT spends may provide a sustainable setup for Indian IT companies in calendar year 2020,” opined Aniket Pande, an analyst at brokerage firm Prabhudas Lilladher. “Overall BFSI revenues have begun to bounce back for the sector,” analysts Ankur Rudra and Aayush Gupta of JP Morgan stated.

A March 2019 study by researcher Celent believes that global spending on IT by banks is expected to touch US$ 309 billion by 2022.