Around 42% of retail banks in the UK are planning to increase their information and communications technology (ICT) investments in the near future, an increase of 4% compared to 2012 spending, according to a global survey by Kable.

The move by the retail banks is to modernise and automate their business operations by offering both online and mobile banking and personalised services.

The survey, which involved 131 retail banks, also found that around 29% of retail banks in 2013 have reduced their ICT budget, as against 35% in 2012, and around 90% of banks are planning to spend on infrastructural technologies by the end of 2014.

Kable research director, Tim Gower, said retail banks generally prefer to deploy technologies on-site rather than hosting them.

"Many banks are still reluctant to entrust their sensitive customer and financial information to cloud services run by third parties," Gower added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.