Technology spending in financial services set to climb “across all regions”

18 January 2010

Financial service providers across the globe will increase the amount they invest in technology solutions in 2010, a report has claimed.

A study by Celent anticipates the worldwide IT spend to reach $357.4 billion this year, a figure 2.9 per cent higher than the amount invested during 2009.

The sum is expected to climb over the next two years, with the report anticipating up to $393.5 billion being annually spent on IT services by 2012.

Asia will see the largest regional growth with a 5.1 per cent increase in 2010 while investment is expected to reach $101.7 billion by 2012.

Jacob Jegher, senior analyst with Celent's Banking Group and co-author of the report, said: “2010 has the potential to be the start of a turnaround, but there is still plenty of uncertainty in the industry and we are not completely out of the woods."

"European and US financial institutions have been hit particularly hard, and many of these challenges will continue in 2010.”

Further findings from the report showed that technology investment from financial companies in Europe and North America is almost equal, with firms accounting for 36 per cent and 33.1 per cent of the total global spend.

By Jim Ottewill

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