Executive Summary

We expect total bank technology spending to grow by 10.6% year over year in 2022, faster than in any of the previous five years. Annual growth is expected to drop to single digits through the remainder of the forecast period, but factors like shareholder pressure could disrupt banks’ plans to increase spending.

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

KEY STAT: US bank technology spending will hit nearly $86 billion in 2022 and grow to almost $112 billion by 2026.