This year should begin a turnaround in information technologyspending at banks, according to a new report from Celent titled“IT Spending in Banking: A North AmericanPerspective.”
|Economic, regulatory and competitive pressures have challengedthe industry in the past few years, but “a more fundamental areahas truly revolutionized the industry—technology,” wrote thereport's author, Jacob Jegher.
|Celent said data it collected shows that 2012 saw a substantialreduction in IT spending growth but that 2013 will be differentstory.
|The report said North American IT spending growth is expected tobe 4% higher in 2013, going from $54.7 billion in 2012 to $56.9billion in 2013 to $61.9 billion in 2015.
|The use of third-party services is helping that growth along inareas such as digital banking, cash and treasury management andpayments, as well as in security, risk management and regulatoryand compliance help, the Celent report said.
|“Technology's radical implications in the financial servicesindustry have grown exponentially,” Jegher wrote. “Althoughinformation technology has played a significant role for some time,today it is a major competitive requirement for financialinstitutions. This explains why North American banks are investinga sizable chunk of their revenues in IT.”
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