Global bank IT spending to hit $196 billion in 2015

Global bank IT spending to hit $196 billion in 2015

Total bank IT spending across North America, Europe, and Asia-Pacific will grow to $196.7 billion in 2015, an increase of approximately 4.6% over 2014, according to forecasts by Celent.

The upward trend in spending will be led by Asia-Pacific banks, says the analyst house. IT budgetary growth by banks in this region is forecast to rise by 5.6% in 2015 to $70.3 billion.

North American bank spending will grow by a solid 4.5% in 2015 to $62.2 billion. In 2016 it will increase by 4.2% to $64.8 billion.

Spending by European banks will rise at a more conservative 3.7% in 2015 to reach $64.3 billion. IT Budgets in the region will continue to show upward momentum through 2017 as spending increases by 4.4% to $70.1 billion.

Of the total investment in IT in 2015, Celent estimates 75.4%, or $148.3 billion, will go to maintenance. This percentage is set to drop to 73.4%, or $158.2 billion, in 2017 as financial services firms strengthen their focus on innovation.

“IT spending momentum is positive and consistent, and will continue for the next few years,” says Celent analyst Jacob Jegher. “Banks across the globe are positioning themselves to leverage the benefits of technology and focus on innovation."

Comments: (4)

Bo Harald
Bo Harald - Transmeri, Demos, Real Time Economy Program,MyData - Helsinki Region 06 February, 2015, 11:36Be the first to give this comment the thumbs up 0 likes

One would hope that enough of this goes for payment services 3.0 - not that much is needed when 3rd party cloud services are much to prefer.

Bo Harald
Bo Harald - Transmeri, Demos, Real Time Economy Program,MyData - Helsinki Region 06 February, 2015, 11:41Be the first to give this comment the thumbs up 0 likes

One would hope that enough of this goes for payment services 3.0 - not that much is needed when 3rd party cloud services are much to prefer.

A Finextra member
A Finextra member 06 February, 2015, 17:54Be the first to give this comment the thumbs up 0 likes

The real question is how much is maintence vs. new spending for new projects?

A Finextra member
A Finextra member 09 February, 2015, 03:28Be the first to give this comment the thumbs up 0 likes

My hope is that they spend a part of this into security.

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