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Chase banking products What’s driving IT spend growth in Canada, how it will be impacted by COVID-19, and what the new normal could look like

Chase banking products Summary List PlacementThe Coronavirus pandemic shook up the global economic landscape in 2020—and the Canadian economy has not been spared. There were about 200,000 recorded cases at the time of writing, and still rising. Amid government-enforced lockdowns, the economy is expected to shrink by 7.1% in 2020, following 1.7% growth in 2019—and Canadian banks’ discretionary digital investments will suffer as a result.

The Canada Bank Tech Spend Forecast report is split into two sections:

First, the report examines both the underlying factors and trends that will impact Candian banks’ IT/tech expenses across the forecast period of 2020-2024 and also highlight those factors specific to each phase of the pandemic. Given the significance of the health crisis and its impact on economic recovery and IT/technology expenditures in turn, Insider Intelligence digs into the three phases of the virus’s expected trajectory: Lockdown (early 2020–late 2021), Lifting of restrictions (late 2021–early 2022), and the New Normal (early 2022–2024 and beyond).
Next, Insider Intelligence looks at the IT/technology expenditure trends of the five largest Canadian banks by asset size. The report delves into the specific factors behind each bank’s expenditure growth rates.

In the Canada Banking Tech Spend Forecast, Insider Intelligence highlights the underlying factors expected to remain as significant drivers or inhibitors of Canadian banks’ IT/tech spend through 2024. These factors include:

The economic slowdown
Banks pushing to enhance their customer experience
Rising cybersecurity expenses

Insider Intelligence explores factors unique to each separate phase of the pandemic and then delves into specific factors that will impact the five banks included in this forecast, as they scramble to adjust to the trends accelerated by the pandemic. In conjunction, these range of factors depict the expected spend growth trajectory of a key global banking market amid the economic recession precipitated by the global pandemic.
Companies analyzed in this report include:

BMO
CIBC
RBC
Scotiabank
TD Bank

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