IT spending globally will increase by 4.2% annually, mostly driven by new investment spending.

This report analyzes the IT spending patterns of banks in North America, Europe, Asia-Pacific, and Latin America. It’s divided by region. Each section analyzes the budget allocations among retail, commercial, and investment banks; new investment and maintenance; internal spending, hardware, external services, and external software. Celent also applies its global top trends to each region.

Advances in technology and global consumer demand for digital customer experiences are creating new investment incentives for institutions globally. Margin pressures in core areas of the business are pressuring banks to increase spending on IT, shifting focus towards finding new sources of value while increasing efficiency across traditional cost centers.