In a survey conducted across 127 banks, it has been suggested that information and communication technology (ICT) budgets are set to grow more across areas such as hardware, software, IT services, communications and consulting.
The survey published in ReportBuyer investigated the manner of budget allocation in banks in these areas to find that mobility management, business intelligence and IoT will play a more significant role in the management of banks.
Mainly, the ever-increasing costs of legacy technology have become unacceptable, in the face of changing consumer behaviour, declining revenues, new regulations and the advent of non-bank competition. Banks are now forced to tackle challenges surrounding cybercrime and reinforce trust with their customers in the new era.
In addition, networking and conferencing are taking a larger share of telecom budgets as banks are increasily reliant on video conferencing to conduct business meetings, instead of allocating budgets for travel and hotel stay.