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Covid-19: Tracking the Changes in Bank Technology Strategy

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14 July 2020
Kieran Hines
Zilvinas Bareisis
Bob Meara

Covid-19 Banking Insight Panel, Wave 1 – June 2020

Key research questions

  • What impact has Covid had on IT budgets in the banking industry?
  • Where is the industry in shaping, and beginning to deliver against, post-crisis plans?
  • What areas are banks focusing on today, and what do they expect will be their priorities in 2020?

Abstract

If Covid-19 has demonstrated one thing, it’s that even the most carefully constructed plans can be upended overnight. Just a few weeks into 2020, financial institutions were forced to set aside their business and technology strategies and pivot towards addressing a number of immediate issues.

With the initial shock of Covid now passed in many markets, the challenges of providing short-term customer support, managing surges in demand for digital channels, and providing the infrastructure for enterprise-wide remote working have been addressed in the majority of cases. What remains are a number of questions over the impact that Covid-19 will have on bank technology priorities for the rest of 2020 and into 2021.

To investigate these issues, Celent has launched its Covid-19 Banking Insight Panel to track the sentiment of the industry. We invited a panel of senior bankers to answer a short survey every 2-3 weeks, and plan to publish the results in a series of short reports. With so much uncertainty around the true impact of Covid, ongoing monitoring is the most effective way to chart the course ahead.

The first wave of Celent’s Covid-19 Banking Insight Panel polls ran from June 10th-29th. In total, we received 41 completed responses spread across North America, EMEA, and the rest of the world. This report contains the results from this initial wave, which addresses the following themes:

  • Changes to the IT budgets under the influence of our Insight Panel as a result of Covid-19;
  • Where the industry is in terms of shaping, and beginning to deliver against, a post-crisis plan;
  • The current project priorities of financial institutions;
  • The areas expected to be highest priority for H2 2020 and looking ahead to 2021.
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