Retail banks across the globe will see IT spending grow 3.4 per cent, reaching $118.6 billion in 2013. The increase will come as CIOs focus on customer satisfaction and revenue growth, according to Ovum’s latest Business Trends report.
Among the digital channels, mobile banking is the clear IT investment priority in 2013, as retail banks attempt to capitalise on the features unique to mobile, such as location-based services. Mobile services will grow four per cent in Europe in 2013, and rise at a compound annual growth rate of six per cent between 2013 and 2017.
It's good to see banks putting a stronger focus on customer centric technologies and not slashing budgets and laying off staff, which has been so commonplace in recent times. Regulatory compliance is fuelling a significant amount of the investment predicted in Ovum's forecasts, but at the same time there seems to be a definite appetite for investment in digital channels as banks step up their multi-channel strategies.
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