Spotlight

US 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
Mounting Pressures Threaten Banks’ Tech Spending
The Bank Technology Spending Landscape
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 justify tech plans if spending growth is to remain steady.
Topics
Banking
Technology
United States
Table of Contents
Executive Summary
Mounting Pressures Threaten Banks’ Tech Spending
The Bank Technology Spending Landscape
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 to grow by 10.6% year over year in 2022, faster than in any of the previous five years. Annual growth is expected to drop to single digits through the remainder of the forecast period, but factors like shareholder pressure could disrupt banks’ plans to increase spending.

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

US Banks' Total Annual IT/Technology Expenses, 2020-2026 (billions and % change)
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KEY STAT: US bank technology spending will hit nearly $86 billion in 2022 and grow to almost $112 billion by 2026.

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Table of Contents

  1. Executive Summary
  2. Mounting Pressures Threaten Banks’ Tech Spending
  3. The Bank Technology Spending Landscape
  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

US Banks' Total Annual IT/Technology Expenses, 2020-2026 (billions and % change)US Banks' Share of Total Annual IT/Technology Expenses, by Bank Size, March 2022 (% of total banking IT/technology expenses)
US Banks' Core Systems Technology Spending, by Bank Asset Size, July 2021 (% of bank's technology budget)Biggest Risks to Their Company Achieving Their Growth Goals According to US Financial Executives, Jan 2022 (% of respondents)

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authors

Matthew Gaughan

Contributors

Daniel Ramirez
Researcher, Financial Services