Business Strategy: IT Services Spending in U.S. Banking
This IDC Financial Insights report discusses how U.S. banks will have spent $73.3 billion on information technology in 2016, inclusive of hardware, software, internal IT staff, and external IT services. Of these, IT services is a substantial component of IT spend. The IDC's 2016 Customer Insights and Analysis Vertical IT and Communications Survey included 263 banks and asked a variety of questions about technology initiatives underway at U.S. banks. Among those questions were a series of queries about the banks' intentions for IT services spending. This information, summarized in this report, will assist banks with their own strategies as they gauge their own investments in the role that third-party IT services plays in their future. Most banks in the United States will begin budget planning in the next two months — and the findings of this survey is critical to understanding the competitive market."U.S. banks are spending a substantially larger amount on IT services, particularly those linked directly to technology projects, in 2016 compared with 2015," says Jerry Silva, research director of Global Banking for IDC Financial Insights. "This is a key indicator of the strength of the technology investments being made today. The results of the 2016 IDC Customer Insights and Analysis Vertical IT and Communications Survey will help guide banks in determining the appropriate levels of spending on IT services in 2017 and beyond."