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Retail Banking IT Spending Market size is set to grow by USD 13.57 billion from 2024-2028, Growing need for greater customer satisfaction to boost the market growth, Technavio

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NEW YORK, Aug. 5, 2024 /PRNewswire/ — The global retail banking IT spending market  size is estimated to grow by USD 13.57 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.5%  during the forecast period.  Growing need for greater customer satisfaction is driving market growth, with a trend towards incorporation of analytics into third-party banking software. However, issues related to data privacy and security  poses a challenge. Key market players include Accenture Plc, Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Hitachi Ltd., HP Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NetApp Inc., Oracle Corp., SAP SE, Wipro Ltd., and WNS Holdings Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (IT services, IT hardware, and IT software) and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Accenture Plc, Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Hitachi Ltd., HP Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NetApp Inc., Oracle Corp., SAP SE, Wipro Ltd., and WNS Holdings Ltd.

Key Market Trends Fueling Growth

In the retail banking sector, customers are increasingly utilizing mobile devices and digital technologies to engage with enterprises and access banking services. This shift has resulted in a significant expansion of customer data within banking organizations. Analyzing this data allows enterprises to make quicker and more informed decisions, enhancing efficiency across their business. Consequently, there is a growing preference for banking software with analytics capabilities. These solutions contribute to increased profitability, enhanced decision-making, reduced risk, and valuable customer insights. Integration with CRM and other systems enables employees to work more efficiently and make astute decisions. Vendors like Temenos Headquarters SA provide analytics solutions alongside their retail banking software, offering analytically driven KPIs, pre-built models, applications, dashboards, and reports, along with predictive analytics and real-time data. These factors are fueling expansion opportunities for vendors in the global retail banking IT spending market. 

Retail banks continue to invest in IT to enhance customer experience and stay competitive. According to Celent, global IT spending in retail banking is projected to reach USD71.5 billion by 2023. Interest rates and inflationary pressure impact net interest margins, pushing banks to innovate and adapt. IT spending includes infrastructure, cloud, production volume, and technological advancements to meet consumer preferences in a globalized market. Regulatory changes and economic developments require diversification strategies to protect revenue streams and improve customer satisfaction. Banks invest in IT workforce, hardware, software, networks, customer support, online transaction systems, mobile banking, and digital banking for operational efficiency and value proposition. Risks related to sustainability, resilience, and external stimuli necessitate continuous innovation and adaptation. IT services, including IT technology, are crucial to retail banking’s competitive position and success. 

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Market Challenges

The retail banking IT spending market faces significant challenges due to data privacy and security risks. Traditional banking systems rely on various patchworks of open-source codes in their IT infrastructure, making data vulnerable to unauthorized access. Cloud infrastructure, with its shared resources and open architecture, is particularly susceptible to glitches and hacking attempts. With the increasing digitization of financial data, the protection of customer information from misuse is a major concern. Financial enterprises are cautious about deploying banking software due to these concerns, limiting market growth. Data security and privacy are critical issues, as vendors handle sensitive customer information. The potential consequences of data breaches, including fraud and intellectual property theft, can significantly impact a business’s reputation and bottom line. Consequently, the retail banking IT spending market may experience slower growth due to the limited adoption of banking software caused by data privacy and security concerns.Retail banking faces significant challenges in the IT spending market, requiring innovation and adaptation to external stimuli. Operational efficiency is crucial, and retail banks invest in IT services, networks, hardware, and software to enhance productivity. Customer support is key, with online transaction systems, mobile banking, and digital banking becoming cutting-edge expectations. Consumer expectations demand a digital transformation, with artificial intelligence and data analytics driving value proposition. The cloud native ecosystem, Infrastructure as Code, and cloud migration are essential for agility and scalability. Containerization technologies streamline application deployment, while threat detection and prevention technologies secure data. Data encryption, blockchain technology, and fraud protection are critical components of IT spending for retail banking, ensuring identity management and maintaining trust with customers. The IT landscape is continuously evolving, requiring retail banks to stay ahead and meet the needs of an increasingly digital consumer base.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This retail banking it spending market report extensively covers market segmentation by

Type 1.1 IT services1.2 IT hardware1.3 IT softwareGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 IT services-  The retail banking IT spending market’s IT services segment primarily focuses on application development and maintenance, system integration, IT consulting, software deployment and support, and hardware deployment and support. IT consulting services assist companies in aligning IT strategies with business objectives, driving IT initiatives in business processes. Microsoft’s recent launch of a new consulting services organization, focusing on Azure Cloud and AI, has boosted the adoption of IT consulting service operating models. Additionally, system integration and hardware and software deployment and support services are gaining traction due to cloud-based deployment and the need for skilled workforces. Retail banks often lack the in-house technical expertise to implement advanced technologies, leading them to engage IT consulting firms. Factors like cost reduction, increased operational efficiencies, and competition for talent are driving the need for advanced technologies and IT services, consequently fueling the growth of the retail banking IT spending market in the IT services segment.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

Retail banking IT spending continues to be a significant area of investment for financial institutions, driven by the need to enhance customer experience, improve operational efficiency, and adapt to external stimuli such as inflationary pressure and changing customer preferences. Net interest income remains a key revenue stream, but banks must also explore new technology spending to stay competitive. Celent research indicates that retail banks will continue to invest in IT services, networks, and hardware to support their service propositions and meet evolving customer needs. Innovation, sustainability, resilience, and adaptation are critical factors shaping IT spending decisions. Banks face risks in their IT investments, including cybersecurity threats, regulatory compliance, and the need to balance short-term costs with long-term strategic goals. Technology spending is essential to maintain a competitive position, but banks must also ensure that their IT investments align with their value proposition and contribute to customer satisfaction. Inflationary pressure can impact net interest income and IT spending, making it essential for retail banks to prioritize operational efficiency and cost management. Ultimately, IT spending decisions must be informed by a deep understanding of customer needs, market trends, and the competitive landscape.

Market Research Overview

Retail banking IT spending continues to grow as institutions invest in technology to meet changing customer preferences, regulatory requirements, and economic developments. Net interest margins are under pressure due to inflationary pressure and low interest rates, making IT a crucial area of investment for retail banks. Celent reports that technology spending in retail banking is expected to reach new heights, driven by infrastructure needs, cloud spending, and the adoption of cutting-edge technologies. The IT workforce plays a vital role in implementing and maintaining these technological advancements. Retail banks are focusing on operational efficiency, value proposition, and customer satisfaction to maintain a competitive position. External stimuli such as globalization, regulatory changes, and economic developments require retail banks to adapt quickly, leading to diversification strategies and new revenue streams. Digital transformation is a key focus area, with online transaction systems, mobile banking, and digital banking becoming the norm. Consumer expectations are high, and retail banks are investing in artificial intelligence, data analytics, and cloud-native ecosystems to provide personalized services and improve customer relationship management. Infrastructure as Code, cloud migration, containerization technologies, threat detection, prevention technologies, data encryption, blockchain technology, and fraud protection are some of the areas where retail banks are spending to ensure resilience, sustainability, and innovation. The IT services market is booming, with hardware, software, customer support, and productivity all seeing significant investment. Networks, production volume, and operational efficiency are also critical areas of focus.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeIT ServicesIT HardwareIT SoftwareGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Who’s Working Remotely? Virtual Vocations Survey Highlights Evolving Jobseeker Demographics

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2 hours ago

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December 27, 2024

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This survey underscores the diverse backgrounds and experiences of remote jobseekers, highlighting the growing demand for flexible work arrangements across various demographics.

TUCSON, Ariz., Dec. 27, 2024 /PRNewswire-PRWeb/ — With over 500 participants from the U.S. (69%) and international locations (31%), Virtual Vocations‘ 2024 demographics survey offers valuable insights into the evolving landscape of remote work. By comparing responses across these groups, the survey highlights shared experiences and unique challenges faced by jobseekers worldwide.

“Whether based in the U.S. or abroad, jobseekers are embracing remote roles to align their careers with their personal goals, and we’re proud to be a part of their journey.” –Laura Spawn, CEO and co-founder of Virtual Vocations

Although Virtual Vocations is a U.S.-based company, it supports international jobseekers through its fully remote job board and career resources, addressing the global demand for remote work opportunities. The company frequently receives inquiries from international members seeking to access fully remote roles, punctuating the worldwide appeal of flexible work arrangements.

“The 2024 demographics survey results reinforce what we’ve known for years—professionals around the world are seeking flexibility, balance, and opportunities to work from home,” said Virtual Vocations CEO Laura Spawn. “Whether based in the U.S. or abroad, jobseekers are embracing remote roles to align their careers with their personal goals, and we’re proud to be a part of their journey.”

Fully Remote Jobs Remain Most Desired

A significant 43% of U.S.-based jobseekers and 42% of international respondents named fully remote, no-travel jobs as their top preference. These roles, which allow employees to work entirely from home, offer flexibility, aligning with both personal and professional goals. Although occasional in-person requirements may arise, fully remote roles are favored over hybrid, partially remote, and “work from anywhere” options. These positions provide businesses with access to a broader talent pool and enable employees to prioritize workplace values and culture.

Top Industries for Remote Jobseekers

The survey also highlights four key industries attracting remote jobseekers worldwide. Information Technology (IT) stands out as the leading industry for remote roles, with significantly more job postings than any other field. Healthcare follows closely, benefiting from the growth of telehealth and remote medical roles. Customer service offers engaging opportunities for professionals interested in client interaction, while education presents a wide array of roles in online teaching, tutoring, and instructional design, fueled by the expansion of virtual learning.

Jobseekers’ Common Frustrations

Both U.S. and international jobseekers shared frustrations, particularly with online job scams. Jobseekers expressed dissatisfaction with the prevalence of scams, especially when searching for work-at-home positions. Despite relying on online job boards, only a quarter (23% of U.S. respondents and 24% of international respondents) use dedicated remote job boards, like Virtual Vocations, where job postings are thoroughly vetted to ensure they are free of scams. Additionally, many jobseekers expressed frustration with excessive job requirements and employers failing to provide feedback or “ghosting” applicants during the hiring process, with one-third of respondents from both groups reporting these issues.

Income Insecurity: A Global Concern

Income insecurity remains a pressing issue for both U.S. and international jobseekers, with many reporting their earnings as insufficient for comfortable living. Sixty-five percent of U.S. respondents and 77% of international respondents reported inadequate household incomes. Nearly half (48%) of U.S. jobseekers earn less than $60,000 annually, while 68% of international jobseekers earn under $30,000. To improve financial stability, many jobseekers have set income targets, with 30% of U.S. jobseekers aiming for $60,000–$89,999 and another 30% targeting at least $120,000. In contrast, international respondents generally require lower salaries, with 38% seeking $30,000–$59,999 and 32% aiming for $60,000–$89,999.

For a comprehensive analysis and additional insights, read the full demographics survey report here: https://www.virtualvocations.com/blog/annual-statistical-remote-work-reports/remote-work-demographics-survey-results-2024/

ABOUT VIRTUAL VOCATIONS
Founded in 2007 by CEO Laura Spawn and her brother, CTO Adam Stevenson, Virtual Vocations is a small company with a big mission: to connect jobseekers with legitimate remote job openings. To date, Virtual Vocations has helped more than four million jobseekers in their quests for flexible, remote work.

In addition to providing a database of current, hand-screened, and 100% remote job openings, Virtual Vocations offers jobseekers a number of tools to aid in their job searches, including exclusive career courses, downloadable jobseeker content, and career coaching and resume writing services. Virtual Vocations also releases several data-driven reports each year on current trends in remote work.

Virtual Vocations, Inc. is a private, family-owned, and 100% virtual company incorporated in Tucson, Arizona.

Media Contact

Kimberly Back, Virtual Vocations, Inc., 1 (800) 379-5092 x. 703, kim@virtualvocations.com, https://www.virtualvocations.com

View original content to download multimedia:https://www.prweb.com/releases/whos-working-remotely-virtual-vocations-survey-highlights-evolving-jobseeker-demographics-302339757.html

SOURCE Virtual Vocations, Inc.

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Judge Baker Children’s Center d/b/a The Baker Center for Children and Families Provides Notice of Data Security Incident

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2 hours ago

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December 27, 2024

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BOSTON, Dec. 27, 2024 /PRNewswire/ — Judge Baker Children’s Center d/b/a The Baker Center for Children and Families (“The Baker Center”), a nationally recognized provider of services for children’s mental health, has learned of a data security incident that may have impacted certain personal and / or protected health information. On December 27, 2024, The Baker Center formally notified potentially affected individuals with available address information and provided resources to assist them.

On July 28, 2024, The Baker Center discovered unusual activity within its local digital storage environment. After taking immediate steps to ensure the environment was secure, The Baker Center enlisted independent cybersecurity experts to conduct an investigation to determine what happened and whether sensitive information may have been impacted. According to the investigation, an unauthorized actor gained access to The Baker Center’s systems between July 26 – 28, 2024 and may have downloaded certain files. Following a thorough review of the impacted files, on October 28, 2024, The Baker Center determined that certain individuals’ personal and/or protected health information was potentially impacted during the incident.

The information affected during this incident varies between individuals but may have involved the following: name, address, date of birth, Social Security number, driver’s license or other government identification number, financial account information, health insurance information, medical treatment or diagnosis information, and/or clinical information.

On December 27, 2024, The Baker Center mailed notification letters to potentially impacted individuals with verifiable address information. The letters include information about this incident and about steps that potentially impacted individuals can take to monitor and help protect their personal and protected health information. The Baker Center has established a toll-free call center to answer questions about the incident and to address related concerns. The call center can be reached at 844-920-8988, Monday through Friday from 9:00 AM to 9:00 PM Eastern time. 

The Baker Center takes the security and privacy of information in its possession very seriously and is taking steps to prevent a similar event from occurring in the future. The Baker Center deeply regrets any inconvenience or concern this incident may cause.

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SOURCE The Baker Center for Children and Families

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outboundIQ Achieves Certified Implementation Partner (CIP) Status with Five9

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3 hours ago

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December 27, 2024

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Delivering Optimized, Outbound-Focused Contact Center Solutions for Modern Businesses

LAUDERDALE LAKES, Fla., Dec. 27, 2024 /PRNewswire/ — outboundIQ www.outboundiq.com proudly announces its accreditation as a Five9 Certified Implementation Partner (CIP), a distinction that reflects its deep expertise in optimizing and streamlining outbound-focused contact center operations. With a team of seasoned Five9 veterans, expert programmers, and industry thought leaders, outboundIQ is uniquely equipped to help businesses of all sizes unlock the full potential of Five9’s Virtual Contact Center platform.

Optimized Solutions for Complex Contact Center Needs
outboundIQ specializes in providing expedited, outbound-focused contact center implementations, integrating advanced features such as inbound and outbound Voice, SMS, Chat, Email, Salesforce Integration, and other third-party app integrations. Clients can also leverage ongoing optimization engagements and monthly retainers for strategic consulting designed to support long-term, outreach-focused success.

“Who better to handle your domain configuration than the experts that understand the outbound contact center world. To be an outbound expert, you must know 3 things; how to configure the domain front end, how the architecture interprets that design, and how carriers respond to your dialing behavior as a result of the build. outboundIQ has the advantage of deeply understanding all 3 things. Our experts are seasoned professionals that will guide toward the best build for your business. You tell us about your business, your needs and your processes, and we will build you a domain fit for purpose. outboundIQ offers best in class Domain Optimization, Implementation and Consulting for customers of all sizes and complexity. Due to our methodology and proprietary automations, we are able to bring our customers’ projects to life within accelerated timeframes.”

– Jessica Clay, VP Support and Services

“We launched our business in June and were fortunate to connect with the incredible team at outboundIQ early on. Navigating the world of outbound calling and building efficient prospecting systems isn’t easy, but the entire team at outboundIQ brought our vision to life seamlessly. They implemented our ideas quickly and executed them flawlessly. Since partnering with them, our contact rates have significantly improved, our conversions have increased, and our overall business is thriving. We’re deeply grateful for this collaboration and look forward to continuing our work together on future endeavors!”

– Tim, Lit Financial

“I genuinely don’t know enough ways to thank the entire outboundIQ team. I inherited a domain riddled with mistakes, tangled beyond belief, and I had essentially planned to scrap the whole thing and start over. That’s when this team, led by Jessica Clay’s brilliance, took over to understand exactly what I wanted to create and completely revitalized my domain. We are all beyond thankful as they continue to consult for us to this day and I see no reason to stop. Thank you, Jessica, Jason, Rudy, Bruno, Sandy and everyone who gets the pleasure of working with these domain geniuses!”

– Michael, Lifetime Home Remodeling

A Holistic Approach to Outbound Excellence
Creating a competitive, consumer-focused outreach program requires more than just advanced technology. As outboundIQ explains, a thriving contact center functions like a high-performing racing team:

The Car: Five9 Virtual Contact Center provides a cutting-edge technology foundation.The Driver: Strong Dialer Administrators who skillfully manage operations.The Pit Crew: IT/Support teams ensuring seamless functionality.The Spotters: Data Analytics and Reporting experts optimizing performance.The Fuel: High-quality data driving better outcomes.

outboundIQ’s professional services team brings these critical elements together, ensuring clients achieve best-in-class outbound operations that prioritize consumer experience while maintaining a competitive edge.

A Call to Collaboration
With its new CIP certification, outboundIQ invites businesses to explore select partnership opportunities and projects to reimagine their contact center operations. Whether through expedited implementations or ongoing strategic consulting, outboundIQ is committed to driving measurable results for its clients.

About outboundIQ
outboundIQ delivers optimized, outbound-focused contact center implementations, combining years of Five9 expertise with cutting-edge strategies to help businesses achieve exceptional outreach outcomes. As a Five9 Certified Implementation Partner, outboundIQ provides tailored solutions to meet the unique needs of modern organizations.

About Five9
Five9 is a digital enterprise’s leading cloud contact center and software provider. The Five9 Intelligent CX Platform is reliable, secure, compliant, and scalable, designed to create exceptional personalized customer experiences.
www.five9.com

Media contact: 
Sandy Tafur
Phone: 404-660-5314
mail: sandy@outboundiq.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/outboundiq-achieves-certified-implementation-partner-cip-status-with-five9-302339797.html

SOURCE outboundIQ

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