Economic uncertainty and the need to adhere to stringent regulatory compliances are fuelling the adoption of disruptive technologies among retail banks. Retail banks are investing in agile ICT segments to streamline their operations and achieve greater efficiency to support their business growth
- Kable's survey shows that retail banks are continuously looking to increase their investments in hardware and software, primarily driven by the need to enhance their go to market strategies with innovative services.
- The age of consumerism and bring your own devices (BYOD) is driving the investments in online and mobile banking, with online banking emerging as the topmost business area among retail banks, attracting largest investments from them in 2015.
- Meanwhile, increasing capital strength is vital for a banks' sustainable growth, as weak financial strength can jeopardize the bank's expansion plans.
ICT investment trends in retail banks presents the findings from a survey of 129 retail banks regarding their Information and Communications Technology (ICT) investment trends. The survey investigates how retail banks currently allocate their ICT budgets across the core areas of enterprise ICT expenditure: hardware, software, IT services, communications, and consulting.
The report illustrates the core technologies that banks are investing in, including business intelligence, IT systems management and cloud computing. The survey also highlights the approach to purchasing technology adopted by retail banks. Through Kable's survey, the report aims to provide a better insight to ICT vendors and service providers when pitching their solutions to retail banks. The report focuses on retail banks' ICT expenditure trends for specific business areas and technologies, identifying the top three IT projects, and understanding the business challenges faced by organizations.
In particular, it provides an in-depth analysis of the following:
- How ICT budgets are set to change in 2015 in terms of their overall size
- Allocation across the core elements of IT spend, including hardware, software, services, communications, and consulting
- Distribution of ICT money in areas such as the networks, applications, service desk, and data centers
- Which ICT functions retail banks are interested in outsourcing
- Retail banks' investment priorities based on their budget allocations across core technology categories such as business intelligence, IT systems management, and cloud computing
- Factors that are influencing retail banks' investments in each technology category
- How retail banks' IT budgets are currently allocated across various segments within a technology category
- Retail banks' distribution of their ICT budget across various segments within a technology category
- Vendor satisfaction ratings for various core and advanced technology categories
- Insight into retail banks' preferred buying approaches
- Business and IT objectives that retail banks are looking to achieve through their IT investment strategies
- Factors that are influencing retail banks' decisions to select an ICT provider
- Understand how the retail banks ICT landscape is set to change in 2015 to prioritize your target market
- Comprehend how ICT money are being allocated by retail banks in specific geographies and size bands to improve your market penetration
- Make effective business decisions by recognizing the opportunities within each of the core areas of ICT spend (hardware, software, IT services, telecommunications, and consulting)
- Realign your sales initiatives by understanding the current strategic objectives of retail banks
- Enhance your market segmentation with the included, detailed breakdown of opportunities within selected technology categories (business intelligence, IT systems management, and cloud computing)
- Prioritize your focus areas by understanding which factors are influencing retail banks' decisions when selecting an ICT provider
- Understand the changes in customers' priorities and identify the business and IT objectives that retail banks are looking to achieve through their ICT investment strategies