Executive Summary

We expect total bank technology spending in Canada to grow by 8.8% in 2022, continuing a five-year trend of fast growth. Annual growth will remain relatively unchanged through the remainder of the forecast period, settling at 8.6% in 2026, but a shortage of skilled tech workers could derail plans to increase spending.

Key Question: What trends and challenges are influencing banks to maintain high levels of technology spending?

KEY STAT: Canada bank technology spending will hit C$9.29 billion ($7.41 billion) in 2022 and grow to more than C$12.91 billion ($10.30 billion) by 2026.