Indian corporates such as the Tatas, Reliance and Adani are entering super app space. A super app is an application that allows users to access a number of services under one platform. Some super apps in India are MAARS of ITC, Paytm, PhanePe and Tata Neu.

Indian banks too are making them ready to meet this challenge by increasing their spending on technology. Banks have to spend hugely on manpower costs and non-employee costs. In non-employee costs, major chunk is accounted for by technology-related expenses.

ICICI has witnessed an increase in its non-employee expenses. Axis Bank too saw a growth in non-staff expenses. The focus is on initiatives built on cloud, automation, adoption of new technology and resilience. There is a move to an all-cloud infrastucture, tie-ups with fintechs, streamlining of digital offerings and so on.