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Introduction

Retail banking IT spending is set for another year of growth in 2016. The need to provide a 21st century banking experience is driving IT spending, which points to a busy year ahead for both banks and vendors.

Highlights

  • According to Ovum's latest technology market forecast, Retail Banking Technology Spending Through 2020, retail banking IT spending will reach $132.1bn in 2016, with a CAGR of 4.2% between 2016 and 2020.
  • The mature markets of the US and Western Europe will continue to be the highest-spending regions for retail banking IT in 2016.
  • Many banks are upgrading the digital banking experience they provide, and the main focal points of these efforts tend to be mobile and online banking.

Features and Benefits

  • Identifies the major IT spending trends as revealed by Ovum's Retail Banking Technology Spending Through 2020 forecasts.
  • Understand which regions and business areas will see technology spending growth in the next year.

Key questions answered

  • Which countries and markets will see the strongest IT spending growth in the short and medium term?
  • Where are enterprises allocating spending?

Table of contents

Ovum view

  • Summary
  • The US continues to be the highest-spending market for retail banking IT, while emerging markets drive growth
  • Front-office investment, particularly around the customer experience, is driving IT spending
  • Digital transformation projects will be a key driver of back-office investments

Appendix

  • Further reading
  • Author

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