The December 2022 Aite-Novarica Group report, based on a survey of 11 banks, finds average IT spending at 11.2% of revenue, with expectations for increased investment by 2025. Talent challenges drive varied reliance on external staff, ranging from none to 65% of IT teams. Core systems and IT operations remain priorities, with banks seeking greater API and cloud use and improved IT prioritization. Digital initiatives and customer experience upgrades are top 2023 goals, while most core capabilities are rated only adequate, except IT security, which is seen as a strength and will receive increased investment.

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