Global Bank IT Spend to Reach $118.6 Billion in 2013: Report
Research firm Ovum predicts that investment in mobile will drive the spending increase.
February 04, 2013
IT spending by banks globally will reach $118.6 billion in 2013, according to U.K. analyst group Ovum. Ovum says this spending increase is directly tied in to bank CIOs focusing on customer satisfaction and revenue growth. Overall, the analyst firm predicts North American banks will increase their IT spending by 3.3 percent in 2013, ahead of their European counterparts (1.8 percent) and second to Asia (5.1 percent). Ovum believes the increased IT spending by North American banks heralds an end of the cost-cutting measures seen previously by the global banking industry. Instead, a focus on digital channels, such as online and mobile banking, and digital marketing activities will enable them to improve customer satisfaction and revenue growth strategies and fuel cross-selling and upselling opportunities in the short and mid-term. According to the firm, mobile banking is the clear IT investment priority in 20... Read full story on Bank Systems Technology
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