Spotlight

Canada Bank Technology Spending

Steady Investment to Stave Off Looming Competition

Report by Matthew Gaughan  | May 12, 2022

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.

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Table of Contents
Executive Summary
Skill Shortages Threaten Banks’ Tech Spending Offensive
Technology Spending Snapshots
Drivers of Technology Spending Growth
What Could Curtail Tech Spending?
Don’t Count Out Incumbents
Read Next
Sources
Media Gallery
About This Report
Technology decision-makers within the banking industry will need to balance high tech spending with the potential for competitive disruptors.
Topics
Banking
Technology
Canada
Table of Contents
Executive Summary
Skill Shortages Threaten Banks’ Tech Spending Offensive
Technology Spending Snapshots
Drivers of Technology Spending Growth
What Could Curtail Tech Spending?
Don’t Count Out Incumbents
Read Next
Sources
Media Gallery

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?

Total Annual IT/Technology Expenses of Banks in Canada, 2020-2026 (billions of Canadian dollars and % change)
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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

Charts in This Report

Total Annual IT/Technology Expenses of Banks in Canada, 2020-2026 (billions of Canadian dollars and % change)Share of Total Annual IT/Technology Expenses of Banks in Canada, 2021-2026 (% of total banking IT/technology expenses)
Top* Data-Related Concerns for Marketing Function According to Banking Executives Worldwide, Jan 2022 (% of respondents)In What Areas Are Digital Leaders Worldwide Suffering a Skills Shortage? (% of respondents, Oct 2021)

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authors

Matthew Gaughan

Contributors

Maria Elm
Senior Analyst
Daniel Ramirez
Researcher, Financial Services