The banking, financial services and insurance (BFSI) IT services market in India is expected to boost its IT spending to US$2.7 billion in 2013, growing at a compound annual growth rate (CAGR) of 14.2%. Cutting edge competition and business expansion has been key enablers for technology adoption in this sector.

Although the Indian banking industry has not been severely affected due to the economic turmoil, it made them change their go-to-market strategy. The industry is going through a transformation and is becoming lot more market driven.