Spotlight

UK Bank Technology Spending

How Banks Are Staying on Top of Their Tech Spending

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
Mounting Pressures Threaten Banks’ Tech Spending
Technology Spending Snapshots
Drivers of Technology Spending Growth
What Could Disrupt Tech Spending?
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 regulatory disruptors.
Topics
Banking
Technology
United Kingdom
Table of Contents
Executive Summary
Mounting Pressures Threaten Banks’ Tech Spending
Technology Spending Snapshots
Drivers of Technology Spending Growth
What Could Disrupt Tech Spending?
Read Next
Sources
Media Gallery

Executive Summary

We expect total bank technology spending growth to remain at high levels through 2026, after jumping 13.5% in 2022. Outside factors like regulatory and competitive pressures could disrupt banks’ technological offensive.

Key Question: Will banks in the UK be able to maintain higher tech spending in the face of internal and external pressures?

UK Banks' Total Annual IT/Technology Expenses*, 2020-2026 (billions and % change)
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KEY STAT: UK bank technology spending will hit £10.68 billion ($14.69 billion) in 2022 and continue to grow steadily to £13.89 billion ($19.10 billion) by 2026.

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Table of Contents

  1. Executive Summary
  2. Mounting Pressures Threaten Banks’ Tech Spending
  3. Technology Spending Snapshots
  1. Drivers of Technology Spending Growth
  2. What Could Disrupt Tech Spending?
  3. Read Next
  1. Sources
  2. Media Gallery

Charts in This Report

UK Banks' Total Annual IT/Technology Expenses*, 2020-2026 (billions and % change)UK Select Banks' Total Annual IT/Technology Expenses* Growth, 2018-2026 (% of total banking IT/technology expenses)
In What Areas Are Digital Leaders Worldwide Suffering a Skills Shortage? (% of respondents, Oct 2021)

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authors

Matthew Gaughan

Contributors

Daniel Ramirez
Researcher, Financial Services