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Banks’ IT spending to grow

dolarsTotal 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 financial services research firm Celent. The repoert says after years of little to no growth, spending by European banks is finally recovering and is 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. 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. Asia Pacific once again leads the way, says the report, with growth of 5.8% in 2014 to $66.5 billion. 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.

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