The coronavirus pandemic has rocked the global economy, and US banks' IT budgets have been directly impacted. The US is currently home to the most cases globally, and its economy shrank by 4.8% in Q1 2020 due to the crisis—this turmoil is directly affecting the US banking industry's digitization efforts.
Three Key Questions This Report Will Answer:
WHAT’S IN THIS REPORT? In the first section of the report, Insider Intelligence examines the underlying growth drivers of the funds banks are expected to allocate to IT/tech expenses over the next five years. Due to the importance of COVID-19 as an overarching macroeconomic factor, we've broken the section into three subsections that mirror the virus's expected trajectory: Lockdown (early 2020–late 2021), Partial Reopening (late 2021–early 2022), and the New Normal (early 2022–2024 and beyond). In the second half of the report, we take a closer look at individual banks' IT/tech expenditure trends and the growth factors and inhibitors unique to each institution.
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