IT MSP, Integris, Reveals Top IT Trends for the Second Year in New Report, "Understanding US Banks' Annual IT Spend in 2025"

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Oct 02, 2024, 08:50 ET

AUSTIN, Texas, Oct. 2, 2024 /PRNewswire/ -- Today, IT managed service provider (MSP), Integris, announced availability of its latest report, "Understanding US Banks' Annual IT Spend in 2025."

For a second year, Integris is exploring how and why US banks are ramping up their investments in IT and technology, and why this trend is expected to persist in the coming years. The intent of this study is to identify top strategic priorities within IT and technology for bank executives, including peer benchmarks and insights. This survey was conducted among 1,051 bank executives.

In 2024, 27% of executives could estimate their annual IT budget, a significant rise from 6% in 2023. However, nearly 75% of banks still lack clear insight into their IT expenditures, indicating ongoing financial oversight challenges. Economic uncertainty amid inflation and rising rates is a top concern for many bankers, prompting increased vigilance regarding finances.

While less than 6% of respondents had a confident grasp of IT spending last year, most bank executives plan to raise IT budgets by at least 10% in 2024. For many banks, IT is their second or third largest expense, making it crucial for senior management to understand these operations.

The survey also shows slight improvements: concerns about IT budgets decreased from over 33% in 2023 to 28% in 2024, and satisfaction with IT investments rose from 67% to 72%. Additionally, 21% of banks now acknowledge the need to increase IT spending to remain competitive.

Key priorities for bank executives include cybersecurity (86%), data analytics (42%), and digital transformation/customer experience (40%). Despite improvements, only 26% of U.S. banks rated their IT service as "Great," up from 13% last year, and 74% still see room for improvement. This highlights the critical role of IT in operational efficiency and customer experience, underscoring the need for continued investment to meet evolving standards in the financial industry.

"Most banks have begun to invest more in their IT and infrastructure," said Cal Roberson, Director of Strategic Partnerships of Integris. "We believe they will see IT as a driver of better customer experience and increased profitability. As tools and processes improve, many banks will realize that they have underinvested in their systems. Best of all, the new tools and processes technology gives them will drive new revenue growth like never before."

To download the full report, visit https://integrisit.com/resources/us-bank-it-spend-2025-report/.

About Integris
Integris is a national, managed IT service provider that is dedicated to helping small and mid-sized companies power their success through technology. Through our growing network of local service offices and gold-level partnerships with our technology vendors, we provide companies with comprehensive and a la carte system platform management that's responsive, secure, regulation ready, and tailored to their industry vertical. Appearing regularly on the Inc. 5000 list of fastest-growing companies, Integris is backed by private equity firm Frontenac.

SOURCE Integris