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Introduction

The retail banking market is set for strong growth in IT investment in 2016. This report outlines the factors driving this trend, the regions in line to see the most rapid expansion, and the business outcomes that banks will be seeking to achieve. It includes data from Ovum's latest ICT Enterprise Insights survey.

Highlights

  • Ovum's ICT Enterprise Insights program found that 66% of the 631 retail banking institutions interviewed plan to grow their IT budget in 2016, up from 55% in 2015, with 28% planning growth of more than 6%.
  • Delivering simplification and greater automation will be a high priority, while the continued expansion of digital channels will create ongoing security challenges. A renewed focus on advanced customer analytics will also lead the agenda.
  • The digital channels remain at the forefront of IT investment plans. The growing customer preference for mobile remains an important driver, with the need to keep pace with service expectations heightened by the threat from digital-led new entrants.

Features and Benefits

  • Enhance your planning with the latest insights into the industry-wide strategic priorities for 2016.
  • Benchmark your strategy against the wider market, by understanding how and where your peers will invest in the year ahead.

Key questions answered

  • What is driving IT spending growth in retail banking for 2016?
  • How will the industry look to innovate across the digital channels?
  • What are the retail banking sector's key business priorities?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Business trends and technology enablers

  • IT budgets will grow strongly in 2016 as the industry looks to product and service development to drive revenue growth

Digital channels will lead project spending in 2016

  • IT spending growth will be spread across the front and back office
  • Mobile, online, and product development remain the top investment areas

IT transformation, security, and advanced customer analytics will be key strategic objectives

  • Digital transformation projects are a leading priority for 2016
  • Cybersecurity is dominating the executive agenda
  • Customer analytics will be central to delivering a personalized user experience

Appendix

  • Methodology
  • Further reading
  • Author

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