* This chart and data were pulled from the US Banking Tech Spend Forecast Report by Insider Intelligence. Purchase the report here for $495 to get immediate access to the full analysis. |
The COVID-19 pandemic has dramatically reshaped the global economic landscape in just a matter of months — and US banks' IT budgets haven't been spared.
There are several core underlying factors influencing US banks' IT/tech expenditures that we expect will stay in play throughout the entire forecast period, alongside the factors that are being directly amplified or newly introduced by the pandemic. |
- IT infrastructure maintenance. For decades, banks' aging IT infrastructure was becoming an increasing liability, leading to growing investment in newer systems: For instance, 60–65% of the industry's tech and IT budgets already go toward ongoing infrastructure maintenance, per CenterState and Financial Post.
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- Cybersecurity solutions. Banks have long been the biggest victims of cyberattacks among major institutions, and cybersecurity spending has been steadily increasing over the past decade. Numerous studies show a steady increase in cybersecurity spending as banks...
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| This is just a preview of the information and insights you'll find in the US Banking Tech Spend Forecast report by Insider Intelligence. Purchase the report today for $495 to access the full analysis. |
