European IT spend from retail banks is set to lag behind the rest of the world in 2013, according to research firm Ovum's Business Trends Report.
While global IT spend from retail banks is set to jump by 3.4 per cent this year, Europe will see spending creep up by only 1.8 per cent. North American IT spend from retail banks is set to grow by 3.3 per cent and Asia-Pacific is predicted to fare best, with a 5.1 per cent hike expected.
Ovum puts the overall global growth down to banks putting more emphasis on customer satisfaction and revenue growth instead of on saving money through cutbacks.
In Europe, the analyst claims the move to online and mobile banking, together with an increase in digital market activities, will fuel cross-selling and upselling opportunities in the short and mid-term.
The report claims credit risk management and data privacy will become further factors in driving up IT spend from retail banks in the coming year.
Jaroslaw Knapik, senior analyst at Ovum, said: "The optimistic signs on the economic horizon are driving the shift away from cost cutting and towards investment strategies within the retail banking sector.
"While regulatory compliance has certainly fuelled a significant amount of the investment predicted in our forecasts, it is by no means the sole driver. The level of investment in digital channels gives a clear indication that banks are fully cognisant of the growing expectations of their customers, as well as the opportunities they present."
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