27 April 2015

Global bank IT spending on the rise as European market recovers

11 February 2014  |  4999 views  |  0 globe

Total bank IT spending across North America, Europe, and Asia-Pacific will grow to $188 billion in 2014, an increase of approximately 4.4% over 2013, according to analyst house Celent.

The Celent report's headline numbers show that, after years of little to no growth, spending by European banks is finally recovering, expected to rise 2.9% in 2014 to $62.1 billion before ramping up further through 2016, increasing by 4.3% to $67.1 billion.

Meanwhile, US and Canadian institutions will continue to see solid tech investment, up 4.5% in 2014 to $59.5 billion and 4.6% in 2016 to $62.2 billion.

Once again though, Asia Pacific leads the way, with growth of 5.8% in 2014 to $66.5 billion, although Celent does then predict a slight drop off in the following year.

Jacob Jegher, senior analyst, Celent banking group and report co-author says: "Banks across the globe are devoting significant resources to technology. They are emphasising innovation and new technology investments."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

24 January, 2014
21 October, 2013
08 August, 2013
17 May, 2013
04 February, 2013
25 January, 2013
10 January, 2013
23 January, 2012
28 January, 2011

Top topics

Most viewed Most shared
Banks on the brink as customer experience...
8856 views comments | 47 tweets | 38 linkedin
Finextra Future Money Day 1 - Live blog
5740 views comments | 7 tweets | 5 linkedin
Future Money roundup: Big banks have their...
4881 views comments | 17 tweets | 9 linkedin
SunGard explores possible sale - Reuters
4403 views comments | 15 tweets | 8 linkedin
Commerzbank venture fund invests in eToro
4256 views comments | 10 tweets | 4 linkedin

Featured job

c.£70-100K base, commission + equity
London, UK

Find your next job