Canada Bank Technology Spending

Steady Investment to Stave Off Looming Competition

Bank Technology Spending Collection

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A look at how banks in the US, UK, and Canada are staying on top of their tech spending.

Executive Summary

We expect total bank technology spending in Canada to grow by 8.8% in 2022, continuing a five-year trend of fast growth. Annual growth will remain relatively unchanged through the remainder of the forecast period, settling at 8.6% in 2026, but a shortage of skilled tech workers could derail plans to increase spending.

Key Question: What trends and challenges are influencing banks to maintain high levels of technology spending?

KEY STAT: Canada bank technology spending will hit C$9.29 billion ($7.41 billion) in 2022 and grow to more than C$12.91 billion ($10.30 billion) by 2026.

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Table of Contents

  1. Executive Summary
  2. Skill Shortages Threaten Banks’ Tech Spending Offensive
  3. Technology Spending Snapshots
  1. Drivers of Technology Spending Growth
  2. What Could Curtail Tech Spending?
  3. Don’t Count Out Incumbents
  1. Read Next
  2. Sources
  3. Media Gallery

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Matthew Gaughan


Maria Elm
Senior Analyst
Daniel Ramirez
Researcher, Financial Services