The UK financial services industry is set to focus most of its spending on information technology (IT) in the next 12 months, according to a survey by CBI/PwC.
The survey, which involved 87 finance firms, found that over 50% respondents are planning to increase their technology spending.
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Under IT spending, banks will look to upgrade their core banking systems, provide new services and reach new customers.
CBI competitive markets director, Matthew Fell, said financial services firms are growing steadily and are optimistic about their business situation.
"It’s also particularly encouraging to see that investment intentions continue to be positive across the board for the second consecutive quarter, strengthening further in some cases. Businesses plan to spend heavily on IT and are scrambling to find new professional staff to meet growth demands," Fell added.
PwC financial services leader, Kevin Burrowes, said banks need to adopt bold new strategies as they face challenges around regaining trust, legacy issues, regulation and technology.
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By GlobalData"Digital must be at the heart of their business as new entrants such as challenger banks, peer-to-peer lending and crowdfunding all have one thing in common – digital platforms which make the most out of big data and really focus on customer needs," Burrowes added.
