December 14, 2022 – Banking investment in IT continues to increase, and banks of all sizes continue to plan enhancements and initiatives in crucial areas of core systems, IT practice, and data and digital capabilities. Digital transformation is a key initiative for banks in 2023 and beyond, and the maturity of banks’ digital strategy is likely to influence which banks succeed and rise to the front of the pack.

This report covers banks’ IT budgets, priorities and challenges for banks in 2023 and beyond, and current system capabilities and replacement plans across the Aite-Novarica Group Banking Core Systems Map. It is based on a study of 11 banking CIO and technology leader members of the Aite-Novarica Group Financial Services CIO/CTO Advisory Research Council conducted during September and October 2022.

Clients of Aite-Novarica Group’s Financial Services CIO/CTO Advisory service can download this report and the corresponding charts.