Financial institutions across the world will be spending $132 billion on retail banking technology five years from now, an increase of 24% from current levels, according to Ovum.
The need to grow revenue and improve consumer trust will lead to accelerated investment particularly in online and mobile banking, channel integration, emerging markets and branch technology, the analysis division of London-based Datamonitor said.
Internet-access banking services alone will grow 33% by 2015, to $9.7 billion, Ovum said. "There is a strong focus on online platforms and their extension onto mobile devices and tablets, given their ability to service clients at a lower cost. In addition, technologies that allow 'smarter' selling and servicing, such as customer analytics and channel integration, are expected to remain hot spot areas in the near future," said senior analyst Jaroslaw Knapik.
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