Survey of 127 retail banks suggests that ICT budgets are set to grow more than in 2014-15 in both absolute and percentage terms, as they tackle more “change the bank” rather than “run the bank” initiatives.
- The spiraling cost and inefficiency of legacy technology has become unacceptable amid changing consumer behavior, declining revenues, new regulation and the onslaught of non-bank competition, driving massive transformational investments in a wide variety of digital technologies.
- Overall budgetary allocations by category are broadly replicated from 2015 to 2016, with the exception of a 1% uplift in hardware spend concentrated on security, as banks tackle the growing incidences of cybercrime and seek to re-affirm their reputations as trusted, secure providers.
- Network and Conferencing services dominate telecommunications budgets, as banks use video conferencing to conduct more international business with lower transportation and hotel costs.
ICT investment trends in retail banks presents the findings from a survey of 127 retail banks regarding their Information and Communications Technology (ICT) investment trends. The survey investigates how retail banks currently allocate their ICT budgets across the core areas of enterprise ICT expenditure: hardware, software, IT services, communications, and consulting. The report illustrates the core technologies banks are investing in, including mobility management, business intelligence, and IoT. Understand the approach adopted by retail banks to purchase technology and get a better insight into ICT vendors and services providers when pitching their solutions to retail banks.
In particular, it provides an in-depth analysis of the following:
- How ICT budgets are set to change in 2016 in terms of their overall size
- Allocation across the core elements of IT spend, including hardware, software, services, communications, and consulting
- Distribution of ICT money in areas such as the networks, applications, service desk, and data centers
- Which ICT functions retail banks are interested in outsourcing
- Retail banks' investment priorities based on their budget allocations across core technology categories such as mobility management, business intelligence, and IoT
- Factors that are influencing retail banks' investments in each technology category
- How retail banks' IT budgets are currently allocated across various segments within a technology category
- Retail banks' distribution of their ICT budget across various segments within a technology category
- Vendor satisfaction ratings for various core and advanced technology categories
- Insight into retail banks' preferred buying approaches
- Business objectives that retail banks are looking to achieve through their IT investment strategies
- Factors that are influencing retail banks' decisions to select an ICT provider
Reasons To Buy
- Understand how the retail banks' ICT landscape is set to change in 2016 to prioritize your target market
- Comprehend how ICT money are being allocated by retail banks in specific geographies and size bands to improve your market penetration
- Make effective business decisions by recognizing the opportunities within each of the core areas of ICT spend (hardware, software, IT services, telecommunications, and consulting)
- Realign your sales initiatives by understanding the current strategic objectives of retail banks
- Enhance your market segmentation with the included, detailed breakdown of opportunities within selected technology categories (mobility management, business intelligence, and IoT)
- Prioritize your focus areas by understanding which factors are influencing retail banks' decisions when selecting an ICT provider
- Understand the changes in customers' priorities and identify the business objectives that retail banks are looking to achieve through their ICT investment strategies