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Introduction

The retail banking market is set for strong growth in IT investment in 2017. 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.

Highlights

  • Ovum's ICT Enterprise Insights program found that 69% of the 712 retail banking institutions interviewed plan to grow their IT budget in 2017, up from 66% in 2016, with 34% planning growth of more than 6%.
  • Although many areas of retail banking will see strong spending growth in 2017, it is the customer-facing revenue-driving activities that will see the greatest focus, with product development, mobile, and online banking platforms at the forefront.
  • The creation of APIs open to developers and other third parties is high on the agenda for many institutions. At a global level, 22% of banks report that open APIs are a top-three IT project within payments.

Features and Benefits

  • Enhance your planning with the latest insights into the industry-wide strategic priorities for 2017.
  • 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 2017?
  • How will the industry look to innovate across the digital channels?
  • To what degree are banks focusing on creating open APIs for developers and other third parties?

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 2017 as retail banks focus on product and service development to drive revenue growth

Product development and enhancements to the digital channels will lead project spending in 2017

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

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

  • Adding new digital capabilities and replacing legacy are leading priorities for 2017
  • Customer analytics will remain central to delivering a personalized user experience

Appendix

  • Methodology
  • Further reading
  • Author

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