With the financial crisis firmly behind us (at least, we hope) and the U.S. economic picture brightening, the outlook is positive for IT spending in the banking industry. Banks will spend 4.2% more on technology in 2014 than they did in 2013, according to IDC analysts. Overall IT spend in financial services globally will exceed $430 billion in 2014 and surpass $500 billion by 2020, the analysts say.
In Ovum's latest predictions of U.S. retail bank IT spending, based on interviews with bankers and vendors' numbers, the firm sees IT spending rising an average of 3.9% at retail banks in the coming year, according to Jaroslaw Knapik, senior analyst, financial services technology. Overall priorities cited by these surveyed bankers are online and mobile banking, data management and analytics, customer data and analytics, operations and core systems.
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