Information technology spending by North American financial institutions is on the rise after two challenging years, according to a new report from Celent.
The Boston-based financial research and consulting firm said information it gathered from banks across the continent drove its prediction that IT spending will grow from $51.4 billion last year to $53.4 billion this year. Another 4.6% increase to $55.9 billion is expected in 2012, extending to $58.3 billion in 2013, Celent said.
Helping to drive the increase is a jump in retail banking IT, with consumer online banking, PFM and mobile banking solutions seeing rising investment. Wholesale banking, new innovations and external software spend also showed increases.
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