2023 will be a challenging year for many in the industry. Post-pandemic expectations of a return to focusing on growth and innovation have been tempered by the need to chart a careful path through today’s turbulent environment. Bank margins have been under pressure in a rising rate environment, but transaction banking services proved to be especially lucrative in 2022. The market dynamic has shifted in the past 12 months—both for banks and their corporate clients who are looking to maximize liquidity and reduce credit exposure. The global supply chain challenges amplified inefficiencies in trade services. Underneath these shifting business priorities, banks also face a constantly changing technology landscape as fintechs and pioneering banks develop new value propositions and services. As a result, banks must decide how they are to engage in these new ecosystems and find new ways to win and retain corporate clients. Simultaneously, banks must decide where to invest in new technologies, such as the transformational promise (and peril?) of generative AI.
Corporate Banking IT spending continues to grow strongly as global economies shake off the impacts of the COVID-19 pandemic and the subsequent economic and banking industry challenges. To understand exactly what this means for the industry, Celent has completed its Corporate Banking IT Strategy Survey. The views of over 200 industry executives highlight exactly which technologies, product investments and strategic priorities lead their agendas.