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Bank IT Spending to Hit $241bn Across Four Global Regions

Bank IT Spending to Hit $241bn Across Four Global Regions

According to analyst company, Celent, banks in North America, Asia-pPacific and Latin America will together spend $241bn on IT in 2016 with an overall increase of almost 4%.

The 2016 growth figure of 3.9% for the average spending increase is short of Celent’s prediction, which was made back in 2015, that spending would grow by 4.4% in 2016.

The company now predicts that bank IT spending in these regions will grow by 4% in 2017 and 4.3% in 2018. 

According to Gareth Lodge, Celent’s banking group senior analyst in Europe,economic uncertainty and increased regulation could put pressure on IT budgets in Europe.

He said: “The headline numbers for Europe show that IT spending is expected to grow across all businesses.

“However, more countries seem to be faltering in their economic growth.

“Whilst not in decline, combined with the increasing regulatory burden, many banks are starting to find it tough going, with pressure on both costs and revenue. This will affect overall IT spending growth.”

Celent analyst in North America, Stephen Greer, believes retail and wholesale banks will steadily increase the amount of money spent on technology.

He believes that modernisation is taking place at the front, middle and back, with middleware integration to connect systems.

Greer said: “As a result, new investment spending is growing at a moderate yet consistent pace as these institutions invest resources into new initiatives,.”

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