US BANKING TECH SPEND FORECAST: What's driving IT spend growth in the US, how it will be impacted by COVID-19, and what the new normal could look like

8:24 AM

The COVID-19 pandemic has dramatically reshaped the global economic landscape in a matter of months — and US banks' IT budgets haven't been spared. The US, home to many of the world's biggest banks, is also currently home to the among the highest case numbers and infection rates globally, and its economy shrank by 4.8% in Q1 due to the pandemic. This turmoil is having a direct effect on the US banking industry's digitization plans, and in this report we explore the extent of that impact.

Total US bank It tech spend_aug6Business Insider Intelligence

This report is based on eMarketer's US Banking IT/Technology Expenses forecast, compiled in May 2020. In it, we focus on nine of the largest consumer-facing US banks by asset size as of Q1 2020, and how their spending on IT/tech is being affected by the pandemic both in the shorter term and the longer term. In this report, we divide the pandemic's course into three expected phases: Lockdown (early 2020-late 2021); Partial Reopening (late 2021-early 2022); and The New Normal (early 2022-2024 and beyond). In the first half of the report, we give an overview of what each phase will look like and how it will affect US banks as a whole; while in the second half of the report, we look at how each of these nine banks could be affected individually by the pandemic. 

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