North American bank IT spending is set to grow from $59.5 billion in 2014 to $62.2 billion in 2015, as the region's banks continue to right-size their branch networks and overhaul their online and mobile channels.
According to the forecast by Celent, mobile banking will continue to receive significant attention as banks aim to build on existing smartphone and tablet apps. Analytics, omnichannel banking, compliance/regulatory, and IT security investments will also be priorities. Spending on corporate banking will continue to climb through new component or module-based initiatives.
“The figures point to another strong year; 2015 is poised to build on the growth experienced last year,” says Jacob Jegher, a research director with Celent’s Banking practice and author of the report. “Investment in technology will of course continue to be a critical requirement as banks work on maintaining their existing systems and work on incremental improvements and innovations.”
The 4.5% growth for 2015 is expected to slip slightly heading into 2016 with a 4.2% uplift for the year forecast to leave total IT spend at $64.8 billion.