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Perspective: Which Innovation Accelerators Make Sense in Banking?

Perspective: Which Innovation Accelerators Make Sense in Banking?

  • June 2016
  • 4 pages
  • ID: 3896837

Summary

Table of Contents

This IDC Financial Insights Perspective discusses the innovation accelerators that will have a significant impact in banking. 3rd Platform technologies, namely cloud, mobile, social, and Big Data, have been the driving technologies behind digital transformation (DX) at every bank worldwide. U.S. bank spending on hardware, software, and services for digital transformation -- which includes these technologies -- is growing at a CAGR of 13% from 2015 to 2019. DX spending in the U.S. market constitutes 19% of total hardware, software, and IT services spend but is growing at over three times the growth in overall spending on these areas in U.S. banking. (Future research will investigate global DX spending trends.)

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