Banks face jump in technology spending: report

Banks which have patched up their information technology (IT) systems too often in recent years face big increases in spending to modernize their operations for the digital age.

Image source: Article
But digital innovation should help offset the outlays by cutting the costs of new branches, which are likely to be 25 percent smaller and have a fifth fewer staff.

IT costs are likely to rise by about 10 percent over the next 10 years, broadly offset by a possible 5 percent fall in branch costs, analysts predicted.

What does your IT budget look like?