As the post-pandemic recovery gathers pace, banks will significantly ramp up their spending on technology, talent and fintech to launch new digital and sustainable products, according to research group Forrester’s annual predictions report on the sector, which anticipates that a quarter of the world’s banks will increase their tech spending by 10% in 2022, with the US and China leading the charge.
“The banking sector enters 2022 in relatively good shape, considering that a year ago there were widespread concerns about cost management and huge sums were set aside as loan loss provisions,” says Aurelie L’Hostis, a senior analyst at Forrester. “Banks can now loosen the purse strings, with a focus on accelerating end-to-end digital transformation and fending off competition.”