Today, IT managed service provider (MSP), Integris, announced availability of its latest report, “Understanding U.S. Banks’ Annual IT Spend.”
Integris’ new report identifies bank executives’ top strategic priorities within IT and technology for 2023 and 2024. The survey provides a peer benchmark and allows Integris to align with its clients’ long-term plans and drive innovation in areas most important to today’s banks. The survey was conducted online from June 12-30, 2023, among 2,271 executives at U.S. banks.
Among the many findings, the report reveals that more than one-third of respondents at U.S. banks are not confident in their current IT budget, with the majority (86%) indicating room for improvement. Additionally, bank executives rank Fear of a Cyber Breach as a top driver for future IT spend, followed by Customer Expectations and Competitive Pressures. The report also found that more than 80% of bankers expect to increase IT spending by at least 10% next year, while not a single financial institution plans to reduce spending.
Worth noting, the report found that most banks are confident in their current cyber security program, yet 47% say their IT spending in that area is not enough. A potential reason may be the growing risk of cybercrime. According to a report from Deloitte, nearly half of C-suite and other executives expect the size and number of cyber events to increase in the next year. To stay ahead of cyber criminals, banks must ensure their cyber security programs remain effective at combatting new and rising risks. Nearly one-third of banks indicate that Cyber Security remains a top priority in 2024.
“Customer expectations, competitive pressures and cyber breaches have long been a focus for banks, but the last several years have spurred greater focus,” said Michael Adams, President of Integris’ Financial Institution Division. “The financial industry is continuously evolving, and banks must remain agile and adaptable to seize new opportunities and minimize threats.”
Adams adds, “Banks that invest strategically in IT and technology are better equipped to drive growth, reduce operational costs, and stay resilient in times of economic uncertainty. Moreover, these investments enable banks to leverage emerging technologies to tailor and personalize services and meet customers’ evolving needs while also allocating more resources towards cybersecurity. Our latest report underscores the importance of these efforts and provides critical insights to help banks make impactful decisions.”
As a premium, national IT provider, Integris combines the industry’s best tools and platforms with a round-the-clock help desk, highly trained technicians and dedicated vCIO/vCISOs. Clients remain one step ahead of their technology and cybersecurity needs, allowing them to grow. Integris is now one of the fastest growing MSP’s in the country, with growth over 700 percent in 2021. Operating in over a dozen states, the company has more than 600 employees serving more than 1,800 clients nationwide.
To download the report, visit our download page.
Integris is a premium, national, managed IT services provider, dedicated to helping our customers stay one step ahead of their IT infrastructure and data safety needs. Integris offers strategic IT consulting services, hardware and software management, networking, a 24/7 service desk, on-site troubleshooting/installations, cybersecurity monitoring, backup solutions, and more. For more information on Integris Financial Institution Division (Integris FID), please visit our Financial Institutions page.