Spotlight: US 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 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?

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

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authors

Matthew Gaughan

Contributors

Daniel Ramirez
Researcher, Financial Services