05 Feb '13, 9am

Banks To Spend $118bn On IT In 2013

Retail banks will spend $118bn on IT equipment this year, reports Ovum – 3.4% up on 2012. The spending shows greater optimism in the banking community, says Ovum, and will be used to support mobile banking growth of 4% in Europe in 2013, rising at a CAGR of 6% between 2013 and 2017. Compliance issues are the big driver of banks’ IT investment with credit risk management and data privacy the leading foci of IT spending. "The optimistic signs on the economic horizon are driving the shift away from cost-cutting and towards investment strategies within the retail banking sector," says Ovum’s Jaroslaw Knapik, "whilst regulatory compliance has certainly fuelled a significant amount of the investment predicted in our forecasts, it is by no means the sole driver. The level of investment in digital channels gives a clear indication that banks are fully cognizant of the growing expe...

Full article: http://www.electronicsweekly.com/Articles/05/02/2013/5549...

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