Retail banking tech spending trends reflect multiple challenges

Celent surveyed senior retail bank IT, product and technology executives from 36 countries. Combined with additional industry inputs, the data show: The global retail banking industry is on target to spend $250 billion on technology in 2022, an increase of 4.3 percent from 2021 and 8.6 percent from 2020. The 2022 spend will increase by 5.2 percent to reach $263 billion in 2023. IT spending by retail banks is projected to climb to $308 billion in the coming five years representing 4.6 percent annual average growth from 2022 to 2027.