2022 will be a critical year in corporate banking. With the impact of the pandemic now largely behind us and today’s customer expectations now clear, the focus of the industry is squarely on delivering growth, regaining the ground lost during the pandemic.
This is reflected in a clear emphasis on IT investment. Across the industry financial institutions of all sizes report strongly expanding technology budgets, and many have clear plans to apply these to a range of enhancements to their products, experiences, and operations. At a global level, retail banks report that their IT budgets are growing by 4.2% on average compared to 2021. The expectation is that budgets will increase by an even larger amount, 5.5%, in 2023, reflecting a growing appetite for technology-enabled growth as the industry accelerates away from the pandemic. But it isn't just growth, but responding to what the banks perceive as a much more competitive marketplace, so there is a strong emphasis on operational efficiency at the same time.
To shed new light on the strategic and product-level technology priorities of the industry, Celent has launched its Banking IT Strategy Survey (CBISS). Through detailed conversations with close to 200 banks we have gathered granular insights on the leading technology priorities for the year ahead, as well as the products and processes that will see the greatest change.
This report provides detailed perspectives on the investment and strategic imperatives of corporate banks across the industry as a whole, with an equivalent report for retail banking available as well.