March 10, 2010 10:08 ET

61% of Retail Banks Planning to Increase IT Investments

ROCKVILLE, MD--(Marketwire - March 10, 2010) - has announced the addition of Ovum Plc 's new report "Business Trends: North American Retail Banking Technology Spending Strategies 2010 (Customer Focus)," to their collection of Retail Banking market reports. For more information, visit

This study examines top business challenges, IT budget outlook and spending priorities among retail banks in North America. It is based on the results of Ovum's Business Trends primary research survey, conducted between October 2009 and December 2009.

Unsurprisingly, North American banks continued to feel the effects of the financial crisis in 2009: 29% reported the cancellation of non-essential IT projects. However, there is renewed optimism in the industry as conditions slowly improve, and 36% expect the crisis to have no effect on the IT budgets in 2010.With the regulatory environment far tougher, achieving and/or maintaining compliance is the most important general business objective in 2010. To this end, 61% of banks are increasing their IT investment in compliance and risk management.

Topics covered in the report include...

  • Research and Analysis
  • IT budget changes and sourcing trends
  • Spending objectives and strategic goals
  • Regulatory compliance
  • Core systems
  • Payments
  • Channels
  • Anti-financial crime

For more information, visit

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