Retail banking technology to reach $132 Billion in 5 years

Bangalore: Global spending on retail banking technology will increase by 24 percent over the next five years to hit $132 billion, according to the new figures by the analytics firm Ovum.

The report states that the increase in investment will be driven by the need to grow revenues and improve customers' trust. This will lead to accelerated investment in online and mobile banking, technology in branches and channel integrationThe figures reveal that global investment in technology to allow customers to access banking services via the internet will experience growth of 33 percent from 2010 to 2015, to hit $9.7 billion.

Senior Analyst Jaroslaw Knapik said, "There is a strong focus on online platforms and their extension onto mobile devices and tablets, given their ability to service clients at a lower cost. In addition, technologies that allows 'smarter' selling and servicing, such as customer analytics and channel integration are expected to remain hot spot areas in the near future."

The ever increasing regulatory requirements will also drive investment into technologies that reduce costs, such as data management, business intelligence and analytics, Knapik opined. Global spending on various middle-office components, such as risk management, anti-fraud, compliance or performance management, based on these technologies, will experience growth of 30 percent from 2010 to 2015, hitting $7.2 billion.

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