Business Trends: North American Retail Banking Technology Spending Strategies 2010 (Customer Focus)

Introduction

This Ovum study examines top business challenges, IT budget outlook and spending priorities among retail banks in North America. It is based on the results of Ovum's Business Trends primary research survey, conducted between October 2009 and December 2009.

Scope

*Interviews were conducted with 59 retail banks in North America (8 in Canada and 51 in the US).

*Respondents held senior institutional positions, with technology decision-making authority.

Highlights

Unsurprisingly, North American banks continued to feel the effects of the financial crisis in 2009: 29% reported the cancellation of non-essential IT projects. However, there is renewed optimism in the industry as conditions slowly improve, and 36% expect the crisis to have no effect on the IT budgets in 2010.

With the regulatory environment far tougher, achieving and/or maintaining compliance is the most important general business objective in 2010. To this end, 61% of banks are increasing their IT investment in compliance and risk management.

Reasons to Purchase

*Ovum provides a comprehensive understanding of business trends and technology spending strategies within the North American Retail Banking Sector.

*Gain insight into the IT investment priorities in North American retail banking for 2010.


Report Highlights

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