This research report segments the global retail banking IT spending by technology (core banking, online banking, mobile banking, channel management, internal operations, and analytical technologies). Segmentation based on product type includes hardware, software, and services. Geographical analysis and market share for APAC, Americas, and EMES is provided in this report. It also includes an in-depth analysis of the leading vendors such as Dell, HP, IBM, and Microsoft.
Technavio’s market research analysts estimate the global retail banking IT spending market to grow at a CAGR of around 6% between 2015 and 2019. Retail banks are increasingly adopting IT solutions to optimize their business processes and enhance performance. The Americas dominate the global market, occupying around 41% of the total market share. Various new technologies such as advanced multichannel integration, real-time interaction management, and advanced IT consulting services are fuelling growth in the American retail banking sector.
The new market research report from Technavio provides a breakdown and analysis of the retail banking IT spending by technology.
“Several retail banks have started investing in mobile technologies for better customer management at reduced expenses. Consumers are adopting online 24/7 banking services such as online enquiry, e-payments, and e-transfer. Mobile banking makes it convenient for customers to get in touch with the bank without branch visits. Retail banks are also using social media for their marketing strategies and branding purposes with the help of data analytics tools. Several Indian bands like HDFC, ICICI, Axis Bank, Citibank use social media platforms to engage with customers, agents, and employees,” says Navin Rajendra, Lead Analyst, IT Services, Technavio Research.
Some of the advanced technologies that are becoming more popular among banking organizations are cloud computing, big data, mobility and social media. Banks are investing hugely in technological infrastructure because of change in customer preference and change in new regulations. These advanced IT risk management technologies helps banks to address market risks, operational risk, counterparty credit risk, and liquidity risk to remain competitive.
The leading vendors in the global retail banking IT spending market are Dell, HP, IBM, and Microsoft. The leading market vendors exhibit a broad portfolio of services, solutions, and products to service the retail banking sector. The leading banks are likely to maintain a long-term relationship with their existing vendor base.
A more detailed analysis is available in the Technavio report, Global Retail Banking IT Spending Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Banking IT Spending in APEJ: Market Research Report 2015-2019
- Retail E-commerce Software Market in EMEA 2015-2019
- Banking IT Spending Market in APAC 2015-2019
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