Boston, September 4, 2012 – A new report from Aite Group provides insight into technology trends at large banks around the world, including bank priorities, frustrations with their technology capabilities, and the lines of business and product areas where they are sloughing money. The report, based on an Aite Group online survey of 59 IT executives from 54 large banks headquartered around the world, also reveals what the industry can expect over the next 24 months.
While large banks, particularly in North America and Europe, continue to face challenges, a good amount of IT spending activity is occurring across the enterprise. Among the areas benefiting from spending increases are SaaS solutions. Thirty-seven percent of large banks expect to increase their spending on SaaS solutions over the next 24 months, while 22% will increase spending on new vendor software and homegrown software development.
Over the next 24 months, banks will also ramp up IT investments in their digital channel capabilities across consumer, small-business, and corporate banking. Similarly, banks will step up investment in marketing analytics and customer data management across the retail and wholesale banking franchise. Banks around the world are also considering sharp spending increases on digital wallets and mobile payment solutions and eyeing continued spending increases on fraud management technology and information security.
“Banks across the United States and Western Europe have faced significant headwinds so far in 2012,” says Gwenn Bézard, research director with Aite Group and co-author of this report. “Yet, there are many areas where senior IT executives must continue investing to simply stay relevant to their customers (think digital channels) or protect the firm's assets (think cybercrime)."
The report references Amazon, CGI, Citigroup, Facebook, FICO, FIS, Fiserv, Hadoop, Harland Financial Services, IBM, Infosys, JPMorgan Chase, Oracle, Pegasystems, Polaris, Salesforce.com, SunGard, TCS, Twitter, Wells Fargo, and Wipro.
This 65-page Impact Report contains 43 figures and one table. Clients of Aite Group’s Retail Banking and Wholesale Banking services can download the report by clicking on the icon to the right.