Executive Summary

We expect total bank technology spending growth to remain at high levels through 2026, after jumping 13.5% in 2022. Outside factors like regulatory and competitive pressures could disrupt banks’ technological offensive.

Key Question: Will banks in the UK be able to maintain higher tech spending in the face of internal and external pressures?

KEY STAT: UK bank technology spending will hit £10.68 billion ($14.69 billion) in 2022 and continue to grow steadily to £13.89 billion ($19.10 billion) by 2026.