PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Global Retail Banking IT Spending on the Rise

By Mercator Advisory Group
January 17, 2012
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Despite ongoing economic turmoil, global spending on retail banking technology will increase by $3.6 billion – 3.2% – in 2012, and will hit $135 billion over the next five years, according to analyst house Ovum.

Asia Pacific will lead the way in growth, spending $10.2 billion in 2012, 8.3% up on the previous year. In contrast Western Europe will see the slowest growth, just 1.9%, although it is still the second biggest market, behind North America, spending $44 billion.

Ovum says that much of the spending is being driven by banks’ determination to return to pre-recession revenue levels by investing in channel technology to boost customer trust and increase sales and servicing effectiveness.

Globally, online banking is expected to be the fastest growing area in 2012, with spending rising 5.3% to hit $8.3 billion by year end. Not far behind is the newer channel, mobile, where spending will rise five per cent, reaching $3.3 billion.

Retail banks will invest in these areas in parallel to investments in channel integration and customer information systems, an increase of 4.2% in 2012 globally, hitting $5.6 billion the same year.

These conclusions are similar to recent research conducted by Mercator Advisory Group, which shows great consumer interest in improved banking channels and new ways to conduct business.

Investments in retail banking technology, and particularly banking channels, are clearly areas of opportunity for financial institutions. Both online and mobile banking show great promise as ways for FIs to extend their reach to customers and increase customer satisfaction, all while increasing overall efficiency and productivity.

Read full article: http://www.finextra.com/News/Fullsto…wsitemid=23314

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result