Banks are experiencing a rise in technology spend, with IT spend as a percentage of revenue expected to reach 9% for some medium to large international banks by 2023. The COVID-19 crisis has accelerated the demand for digitalization of customer journeys, remote working, process efficiency, and IT security. To manage IT spend effectively, banks must create transparency through granular analytics, set up the right IT spend strategy, and build capability to operationalize this strategy while measuring the value created.
