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US bank IT spending to hit $62 billion

US bank IT spending to hit $62 billion

US bank IT spending is rising at a solid clip and is expected to be 4.5% higher in 2014. Growth will be consistent and climb slightly in 2015, as IT spending by North American banks reaches $62.2 billion, an increase of 4.6%.

These figures are encouraging, with 2014 building on the IT growth experienced in 2013.

A series of bar charts showing where IT budget will be spent

US bank IT spending is rising at a solid clip and is expected to be 4.5% higher in 2014.

The report by Celent examines, analyzes, and contrasts the IT spending patterns of US and Canadian banks. North American banks’ IT spending will grow from $56.9 billion in 2013 to $59.5 billion in 2014.

There is strong growth in retail banking spending – key priorities include the monetization of digital channels, enhancements to the user experience, and omnichannel sales and service endeavors. Spending on wholesale banking will also continue to climb, particularly as midsize banks look at upgrading aging cash and treasury management solutions.

“The good news is that new investment spending is skyrocketing and that maintenance allocations are on the decline,” says Jacob Jegher, Research Director with Celent’s Banking Group and author of the report. “It’s still quite challenging to get projects funded, however. Projects are encouraged but highly scrutinized, and they come with the requirement of a fast return on investment.”

This report examines the regional breakdowns of retail versus wholesale spending, internal versus external spending, and maintenance spending versus new investments. The report also points to several key North American banking technology trends and growth areas for 2014.

The post US bank IT spending to hit $62 billion appeared first on Payments Cards & Mobile.

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