Total US bank It tech spend_aug6

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Insider Intelligence publishes thousands of research reports, charts, and forecasts on the Banking industry. You can learn more about becoming a client here.
The following is a preview of one Banking report, The US Banking Tech Spend Forecast. You can purchase this report here.

The COVID-19 pandemic has dramatically reshaped the global economic landscape in a matter of months — and US banks’ IT budgets haven’t been spared. The US, home to many of the world’s biggest banks, is also currently home to the among the highest case numbers and infection rates globally, and its economy shrank by 4.8% in Q1 due to the pandemic. This turmoil is having a direct effect on the US banking industry’s digitization plans, and in this report we explore the extent of that impact.

This report is based on eMarketer’s US Banking IT/Technology Expenses forecast, compiled in May 2020. In it, we focus on nine of the largest consumer-facing US banks by asset size as of Q1 2020, and how their spending on IT/tech is being affected by the pandemic both in the shorter term and the longer term. In this report, we divide the pandemic’s course into three expected phases: Lockdown …read more


Source:: Businessinsider – Finance

      

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