Technology spend at many financial institutions is back on track and rising after a pause in 2020 and early 2021 during the height of the Covid-19 pandemic, Stephen Greer, analyst at research and advisory firm Celent, told BAN. It’s a trend across almost every bank that was surveyed for Celent’s 2022 annual IT spending report, which queries 400 to 500 retail and corporate banks from around the globe.

“We’re seeing almost every bank expects — especially globally, and then regionally — seeing the big increases in IT spending for last year, this year, and then continuing really on into next year,” Greer told BAN. “Most of the respondents showed that their IT spending was going to be growing well into next year.”