Banks across the globe including North America, Europe and Asia-Pacific regions, will increase their information technology (IT) spending to $188bn in 2014, an increase of around 4.4% from 2013 figures, according to a report by Celent.
The report titled ‘IT Spending in Banking: A Global Perspective’ also predicts that the growth will remain constant in 2015 but will decline slightly.
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Among different regions, majority of growth is expected to come from Asia-Pacific region, where banks’ IT spending is likely to rise by 5.8% to reach $66.5bn in 2014.
Meanwhile, IT spending by North American banks is expected to grow by 4.5% to reach $59.5bn in 2014 and by 4.6% to $62.2bn in 2016, whereas spending by European banks by 2.9% to $62.1bn in 2014 and by 4.3% to $67.1bn in 2016.
Celent banking group senior analyst and report co-author, Jacob Jegher, said banks across the globe are devoting significant resources to technology.
"They are emphasising innovation and new technology investments. When examining the sum of IT spending across the three regions, IT spending is expected to grow by 4.6% in 2015 and 4.7% in 2016," Jegher added.
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