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About
Canada Bank Technology Spending
Steady Investment to Stave Off Looming Competition
Bank Technology Spending Collection
A look at how banks in the US, UK, and Canada are staying on top of their tech spending.
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?
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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.
authors
Matthew Gaughan
Contributors
- Maria Elm
- Senior Analyst
- Daniel Ramirez
- Researcher, Financial Services
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