Technology spending in the banking and securities sector in Australia is expected to reach A$18.5 billion in 2020, an increase of 5.2% from 2019, according to Gartner, Inc. Behind this growth are new investments in modern business intelligence (BI), augmented analytics and robotic process automation (RPA) software. Globally, the banking and securities industry spends the most on information technology products and services. In Australia, it is the second-largest-spending industry after communications, media and services, representing 19.2% of total enterprise IT spending. "The banking and securities industry continues to spend in pursuit of digitalization, whether through digital business optimization or transformation," said Neha Gupta, research director at Gartner. "The introduction of open banking in Australia is also driving new technology investments."